Telos Corporation Expands Into Touchless Fingerprinting Capability with Acquisition of Diamond Fortress Technologies
Telos Corporation (NASDAQ: TLS) has acquired Diamond Fortress Technologies assets, including touchless fingerprinting software ONYX, to enhance its IDTrust360 platform. This acquisition adds valuable biometric patents, enabling Telos to better serve sectors like transportation, healthcare, and financial services. The contactless biometrics market is projected to grow from $7 billion in 2019 at a CAGR of 20% until 2027. Telos aims to streamline biometric data collection, improving customer service with the expanded technology.
- Acquisition of Diamond Fortress Technologies enhances Telos' biometric patent portfolio.
- Integration of ONYX technology will streamline identity verification processes.
- Market for contactless biometrics technology projected to grow significantly, offering new revenue opportunities.
- Hiring key DFT employees will support successful integration and expansion of ONYX.
- None.
Acquisition enables Telos’ IDTrust360 to streamline identity and background check processes for organizations and consumers
ASHBURN, Va., Aug. 02, 2021 (GLOBE NEWSWIRE) -- Telos® Corporation (NASDAQ: TLS), a leading provider of cyber, cloud and enterprise security solutions for the world’s most security-conscious organizations, announced today that it has acquired the assets of Diamond Fortress Technologies (DFT), including all patents, and will integrate the ONYX® touchless fingerprinting software with Telos’ IDTrust360® platform.
The acquisition adds several new patents to Telos’ library of biometric and digital identity intellectual property. The addition of contactless biometrics technology will enable Telos to better serve the needs of organizations in existing and new markets, including transportation, healthcare and financial services. This acquisition solidifies Telos’ position in an expanding market, with contactless biometrics technology expected to grow from approximately
“Enhancing IDTrust360 with ONYX will provide a game-changing licensed technology stack for organizations that are interested in mobile-enabled biometric capture and authentication services,” said John Wood, CEO and chairman, Telos. “We believe the acquisition of this patented touchless fingerprinting technology will allow us to eliminate much of the friction involved in biometrics data gathering for identity and access management and to better serve our growing customer base at both the enterprise and consumer levels.”
ONYX is a mobile, touchless biometrics solution that leverages a device’s camera to capture the user’s unique fingerprint, enabling fast and easy collection of fingerprint biometrics. To maintain and expand the ONYX technology, Telos has hired seven current DFT employees, including the key patent holders and employees critical to the growth and expansion of this technology.
Terms of the transaction were not disclosed, and there is no change to Telos’ 2021 financial guidance as a result of the acquisition.
For more information about Telos identity solutions and services, visit: www.telos.com/identity.
Forward-Looking Statements
This press release contains forward-looking statements which are made under the safe harbor provisions of the federal securities laws and which involve risks and uncertainties. There are a significant number of factors that could cause actual results to differ materially from statements made in this press release, including without limitation the risks and uncertainties set forth from time to time in the Company’s filings and reports with the U.S. Securities and Exchange Commission (SEC), which are available at www.investors.telos.com and on the SEC’s website at www.sec.gov.
You should not rely on these forward-looking statements, as they are not guarantees of future performance and as actual outcomes and results may differ materially from those anticipated or implied by these forward-looking statements as a result of such or other risks and uncertainties. All forward-looking statements in this press release are based on information available to us as of the date hereof, and we do not assume any obligation to update or revise any forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made except as may be required by law.
About Telos Corporation
Telos Corporation (NASDAQ: TLS) empowers and protects the world’s most security-conscious organizations with solutions for continuous security assurance of individuals, systems, and information. Telos’ offerings include cybersecurity solutions for IT risk management and information security; cloud security solutions to protect cloud-based assets and enable continuous compliance with industry and government security standards; and enterprise security solutions for identity and access management, secure mobility, organizational messaging, and network management and defense. The company serves military, intelligence and civilian agencies of the federal government, allied nations and commercial organizations around the world.
Media:
Mia Wilcox
media@telos.com
(610) 564-6773
Investors:
Brinlea Johnson
The Blueshirt Group on behalf of Telos Corporation
brinlea@blueshirtgroup.com
FAQ
What is the strategic importance of Telos' acquisition of Diamond Fortress Technologies?
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Will Telos' financial guidance change due to the acquisition?
What technology does the ONYX software integrate with Telos' IDTrust360?
