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BIO-key International, Inc. (OTCQB: BKYI) is a leading provider of biometric software and hardware authentication solutions for enterprises and consumers alike. Established in 1993, BIO-key has become a trusted name, servicing diverse sectors including Fortune 500 companies, government agencies, healthcare organizations, call centers, schools, retailers, and OEM partners.
BIO-key's product portfolio includes advanced fingerprint biometric identification and identity verification technologies, with popular offerings such as SideSwipe, SidePass, EcoID, and WEB-key. The company's innovative solutions ensure secure and seamless access management, making them a preferred choice for high-security requirements.
In 2016, BIO-key introduced a series of compact fingerprint readers designed for compatibility with Windows Hello. These readers are not only affordable but also easy to install and use, available through major retailers like Amazon, Microsoft, and Dell.com. The company further expanded its consumer reach by launching a series of biometric padlocks at the Consumer Electronics Show in 2017. Their product, TouchLock, received significant acclaim, being featured on over 30 morning television shows.
BIO-key continues to innovate with its 'Biometric of Things' (BoT) initiative, aiming to create a range of biometrically enabled, consumer-friendly products. The company’s focus on the power of a touch drives their mission to enhance security and user experience across various applications.
Financially, BIO-key generates revenue through services, license fees, and other streams. The company remains committed to partnerships and collaborations that expand their market presence and technological capabilities.
One notable partnership is with Humanity International Investments, under the chairmanship of His Highness, Sheikh Marwan bin Mohamed bin Rashid Al Maktoum. This strategic collaboration has led to the launch of the Humanity Protocol, a blockchain-based economic empowerment initiative. The project leverages BIO-key’s biometric palm scan technology to authenticate identities, enabling individuals, particularly in Africa, to claim their digital footprint through Non-Fungible Tokens (NFTs). With over 15,000 palm scans and plans to verify more users, the initiative marks a significant step forward in integrating biometric technology with blockchain for identity verification.
Overall, BIO-key International, Inc. is at the forefront of revolutionizing digital identity and access management, ensuring secure, user-friendly authentication solutions for millions worldwide.
BIO-key International (NASDAQ: BKYI) has announced a conference call on August 14, 2020, at 10 a.m. ET to discuss its second quarter 2020 results. The results will be released before market opening. Company executives, including CEO Mike DePasquale and CFO Cecilia Welch, will participate in the call. The event will be accessible via dial-in or a live webcast, which will also have a replay option available for three months. BIO-key specializes in identity and access management, providing innovative biometric solutions.
BIO-key International (NASDAQ: BKYI) announced that Clearent, a rapidly growing credit card processing company, has adopted BIO-key’s PortalGuard IAM solution to enhance security in customer self-enrollment and account recovery for its banking applications. Clearent processes $14 billion annually for over 45,000 merchants, and selected PortalGuard for its advanced transaction security and cost-effective licensing. CEO Mike DePasquale highlighted the balance between security and user experience, emphasizing the robust multifactor authentication options included in PortalGuard.
BIO-key International (NASDAQ: BKYI) has secured a contract with the municipality of Durham, North Carolina, to implement its PortalGuard solution for identity and access management (IAM) and cybersecurity. This decision follows a thorough review of potential solutions, aimed at enhancing security against growing cyber threats. PortalGuard will provide self-service password management and integration with Office 365 and Active Directory, facilitating secure access across the city’s enterprise applications.
BIO-key International (NASDAQ: BKYI) announced that Fore Aero, a manufacturer for national defense, selected its PortalGuard IAM platform for secure authentication. The decision stemmed from PortalGuard's security, flexibility, and cost-effectiveness. As a government contractor, Fore Aero required a multifactor authentication solution for Windows 10 workstations and environments lacking internet access, which eliminated other vendor options. PortalGuard supports various authentication methods, ensuring compliance and security for Fore Aero's operations.
BIO-key International (NASDAQ: BKYI) has successfully completed an underwritten public offering of 38,214,500 shares of common stock and warrants, generating approximately $24.8 million in gross proceeds. Each share or pre-funded warrant was sold for $0.65, paired with a warrant to purchase an additional share at the same price, expiring in five years. The offering was managed by Maxim Group LLC, with the registration statements filed with the SEC. This capital influx supports BIO-key's biometric security solutions and potential market expansion.
BIO-key International, Inc. (BKYI) announced the pricing of an underwritten public offering of 33,230,000 shares of common stock combined with common warrants, with gross proceeds estimated at $21.6 million before expenses. Each share is priced at $0.65, and the offering is expected to close around July 23, 2020, subject to customary conditions. Additionally, the underwriter has a 45-day option to purchase 4,984,500 more shares and warrants. This offering aims to bolster the company’s financial position in the biometric authentication sector.
BIO-key International (NASDAQ: BKYI) is experiencing accelerating growth in its identity and access management (IAM) solutions within higher education. Institutions including Santa Rosa Junior College, Wesley Theological Seminary, and the University of Guam have adopted the PortalGuard solution to enhance cybersecurity and improve user access. PortalGuard provides secure Single Sign-On (SSO) capabilities and flexible two-factor authentication, addressing the increasing cybersecurity threats in education. Mark Cochran, President of PortalGuard, emphasizes the importance of addressing new cyber challenges while fostering digital transformation.
BIO-key International, Inc. (NASDAQ: BKYI) announced its expanding presence in the California Community College System, now supporting fifty colleges. The North Orange County Community College District selected the PortalGuard solution to enhance security and streamline user access, replacing multiple usernames and passwords. PortalGuard offers secure single sign-on capabilities across various applications, reducing IT help desk costs through self-service password resets. This trend highlights an increasing demand for efficient identity and access management solutions in higher education.
BIO-key International (NASDAQ: BKYI) announced a new contract with Arcadia University for its PortalGuard IAM solution following the acquisition of PistolStar. The university aims to implement multifactor authentication, single sign-on, and self-service password reset across various applications to enhance user experience and security. PortalGuard is recognized for its comprehensive IAM solutions, catering especially to higher education, and aims to meet evolving IT challenges.
BIO-key International, Inc. (NASDAQ: BKYI) has completed its acquisition of PistolStar Inc. for $2.5 million, targeting enhanced biometric authentication and security solutions. The acquisition is expected to positively impact revenue and operating income right away, partly funded by a convertible note of $1.575 million. PistolStar's PortalGuard® platform will expand BIO-key’s offerings, combining multi-factor authentication with its biometric expertise. The acquisition aims to address increasing enterprise security needs amid the pandemic, broadening market opportunities for both companies.
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