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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, Inc. (BKYI) reported strong financial growth for Q4'22 and FY'22, with a revenue increase of 88% to $1.7M in Q4 and a 37% rise to $7.0M for the full year. The growth stemmed from increased software and service revenues, countered by lower hardware sales. The company expanded its customer base in higher education and government sectors and launched the Mobile Authenticator App in 2022. Despite a net loss of $10.2M for FY'22, BIO-key aims for profitability in 2023 through cost-reduction measures. The company expects record revenue in Q1'23, bolstered by a growing annual recurring revenue base.
BIO-key International announced a strategic partnership with Ethnos IT Solutions, aiming to enhance cybersecurity through innovative Identity and Access Management (IAM) solutions across Africa. Ethnos, recognized as a leader in cybersecurity and compliance management, will help BIO-key expand its international presence. The collaboration includes participation in BIO-key’s Channel Alliance Partner program, facilitating new revenue streams through products like the PortalGuard IAM platform. The partnership is expected to leverage Ethnos's reputation and expertise, benefiting both companies in the growing African market.
BIO-key International, Inc. (NASDAQ: BKYI) will host a conference call on March 31, 2023, at 10 a.m. ET to discuss its Q4 and full year results. The financial results will be released before the market opens that day. Mike DePasquale, Chairman & CEO, and Cecilia Welch, CFO, will lead the call and engage in a Q&A session with participants. The call can be accessed via a live audio link and will be available for replay for three months. BIO-key specializes in Identity and Access Management (IAM) and Identity-Bound Biometric (IBB) solutions, managing millions of users and providing secure access to critical information.
BIO-key International, Inc. (BKYI) will showcase its Identity and Access Management (IAM) innovations at the Gartner IAM Summit from March 20-23, 2023, in Grapevine, Texas. The company aims to address the evolving challenges in IAM, emphasizing the importance of multi-factor authentication (MFA) and password elimination. Their award-winning PortalGuard® platform will be highlighted, showcasing phone-less, token-less, and passwordless workflows. CEO Michael DePasquale underscored the need for flexible solutions in modern authentication to meet diverse access requirements, stressing the unique advantages of Identity-Bound Biometrics in security strategies.
BIO-key International, Inc. (NASDAQ: BKYI) announced the integration of its PortalGuard Identity-as-a-Service platform with BeyondTrust's Privileged Remote Access solution. This collaboration aims to enhance security for privileged remote access, addressing vulnerabilities associated with traditional authentication methods. Users will benefit from flexible authentication options, including Identity-Bound Biometrics, which use unique biometric identifiers for secure access. The partnership is part of BIO-key's strategy to strengthen its presence in the identity and access management ecosystem, promoting a Zero Trust security approach essential for today’s remote workforce.
BIO-key International, Inc. (NASDAQ: BKYI) announced that the City of Brawley, CA has selected its PortalGuard IDaaS® platform to enhance security for web application and workstation access. The decision underscores the growing adoption of BIO-key's identity and access management (IAM) solutions in the public sector, which aims to support zero trust initiatives and protect sensitive data from cyber threats. The PortalGuard platform offers advanced biometric authentication and multi-factor options to improve user experience while securing critical systems. This partnership reflects BIO-key's commitment to providing cost-effective security solutions for organizations under budgetary constraints.
BIO-key International (NASDAQ: BKYI) has announced a strategic distribution partnership with Bravantic Group to enhance its Identity and Access Management (IAM) solutions in Southern Europe, Africa, Brazil, and the Middle East. Bravantic, a company with over 2,500 customers and $100 million in revenue, will join BIO-key's Channel Alliance Partner program. This partnership aims to leverage Bravantic's established presence in regions such as Portugal and the UK, boosting BIO-key's reach and service offerings. BIO-key's solutions include the PortalGuard platform and biometric hardware, promising to deliver secure and innovative cybersecurity services.
BIO-key International, Inc. (NASDAQ: BKYI) has announced that Robeson County, NC has selected its PortalGuard IDaaS platform to enhance security for desktop and application access. This decision comes as part of ongoing efforts to bolster cybersecurity measures, aligning with regulatory requirements. The Platform is also utilized by Robeson Community College. The implementation includes BIO-key's FIDO security keys for Microsoft Windows access, which enhances workstation login security. This partnership emphasizes BIO-key's leadership in providing multi-factor authentication and Identity-Bound Biometrics, ensuring a seamless user experience and strong security protocols.
BIO-key International, Inc. (NASDAQ: BKYI) announced four new Higher Education customer migrations to its PortalGuard IDaaS® cloud platform from on-premises PortalGuard deployments. The institutions migrating include Cerritos College, Coastal Carolina Community College, College of the Mainland, and Lassen Community College. This migration will eliminate hardware costs and improve identity and access management (IAM) efficiency. The company emphasizes the importance of this service as Higher Education institutions face increased cyber threats. Mark Cochran, President of BIO-key, highlighted the solution's flexibility, security, and cost-effectiveness for the institutions.
BIO-key International (NASDAQ: BKYI) announced that Abraham Baldwin Agricultural College (ABAC) has chosen its PortalGuard IDaaS platform to enhance identity and access management across its systems. This cloud-based solution supports over 3 million users in higher education and significantly improves security through multi-factor authentication (MFA) and single sign-on (SSO). These enhancements are crucial as educational institutions are frequent cyberattack targets. The implementation of PortalGuard will also lower help desk costs by enabling self-service password resets, offering a solid return on investment.
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