IDEX and BIO-key Sign License Agreement to Deliver Advanced
Biometric Solutions for Mobility Market
The Agreement Will Provide the Next Generation of Secure
Identification Solutions for Mass Market Consumer Devices
WALL, NJ and OSLO, NORWAY--(Marketwired - Mar 31, 2014) -
BIO-key International, Inc. (OTCQB: BKYI) and IDEX ASA (OSE: IDEX)
have entered into a license agreement and will collaborate to
deliver a sensor-to-server infrastructure solution for trustworthy,
yet simple and low-cost, in device and online authentication for
consumer applications and in particular the smartphone, tablet, and
PC markets. The software and hardware combination will be capable
of delivering the most accurate, flexible and cost-efficient
fingerprint biometric solutions available. BIO-key is a global
leader in fingerprint biometric identification solutions, advanced
mobile authentication and identity assurance technologies and IDEX
is a leader in low cost, high quality fingerprint sensor
technologies.
Since 1997 IDEX ASA has been pioneering in the field of
capacitive fingerprint sensing technology offering its
award-winning miniaturized SmartFinger swipe and touch fingerprint
sensors for mass market applications. SmartFinger is ideally suited
for smartphones, tablets, PCs and other devices. BIO-key develops
and supplies its NIST-validated, highly accurate fingerprint
matching software and WEB-key secure multifactor authentication
platform. When combined, the IDEX/BIO-key solutions will provide
handset, tablet, PC as well as other device manufacturers and
value-added resellers the most accurate and efficient identity
assurance and fingerprint authentication available -- both on
device and in the cloud. Gartner analyst Gregg Kreizman predicted
recently that by 2020, 60% of all digital identities interacting
with enterprises would come from an external provider, and fellow
Gartner analyst Ant Allan predicts that by 2015, 30% of users
accessing corporate networks or high-value Web applications from
smartphones or tablets will use biometric authentication. This is
the market that IDEX and BIO-key are positioned to capitalize
on.
"The mobile market is rapidly adopting fingerprint sensors for
convenient user authentication, leading to secure payment solutions
and opening up opportunities for new identity-based applications.
IDEX and BIO-key offer a combined solution for secure user
identification, leveraging IDEX's best in class fingerprint
sensors, a new generation of powerful recognition algorithms,
together with proven BIO-key secure multifactor authentication
software. The combined solution and IP creates the potential for
significant value-added services to be developed with
market-leading customers," stated Dr. Hemant Mardia, CEO of
IDEX.
"IDEX chose BIO-key after an extensive evaluation of the
available fingerprint matching algorithms in the market to pair
with our leading sensor products, and feel that BIO-key's accuracy
in mobile applications, combined with their vision for advanced
secure biometric systems, make them the ideal partner for IDEX,"
said Ralph W. Bernstein, CTO of IDEX.
"This is a significant validation of BIO-key's commitment to
mobile and the consumer market as a core component of our overall
strategy. The out-of-the-box combination of IDEX's outstanding
sensor technology with BIO-key highly regarded algorithm technology
promises to be disruptive in the marketplace. Our combined
strengths solve for technological, architectural and economic
weaknesses in contemporary fingerprint deployments and will provide
higher fingerprint accuracy rates, at faster matching speeds, in
more operating system environments, with more efficient yields and
costs," stated Mike DePasquale, BIO-key Chairman and CEO. "With
market estimates approaching billions of biometrically enabled
mobile devices over the coming years, we believe this alliance will
command a significant market share, and change the dialog about
what biometrics can do for mobile identity trust and security."
"The consumer market for mobile biometric authentication is
emerging quickly," said Jim Sullivan, BIO-key Vice President of
Strategy and Business Development. "That market will rely on
flexible solutions that can securely connect the endpoint
fingerprint scanner devices into the existing Identity and Access
Management (IAM) infrastructures that enterprises, mobile carriers
and online service providers already operate. BIO-key has
longstanding partnerships with the leading IAM platforms such as CA
Siteminder, IBM ISAM/ESSO, Oracle Access Manager, major EHR
platforms from EPIC and AllScripts, and patient ID solutions from
Healthcare-ID. As a result, the combined IDEX/BIO-key solution will
be quickly deployable for enterprises who want trustworthy and
simple authentication options for their users' devices. We will
give our mutual customers the best of all worlds -- for example,
in-device FIDO (Fast Identity Online) authentication, but with the
confidence and usability of BIO-key's NIST-tested matching inside,
as well as 'FIDO plus Trust' with a trusted service performing
biometric identity proofing before activating a user via FIDO. The
combined solution will also work seamlessly with our recently
announced OpenID Multi-Factor Authentication Solution (MFAS),
developed in collaboration with InterDigital."
About BIO-key BIO-key International, Inc., headquartered in
Wall, New Jersey, develops and delivers advanced identification
solutions to commercial and government enterprises, integrators,
and custom application developers. BIO-key's award-winning, high
performance, scalable, cost-effective and easy-to-deploy biometric
finger identification technology accurately identifies and
authenticates users of wireless and enterprise applications. The
solutions are used in local embedded OEM products as well as some
of the world's largest identification deployments to improve
security, guarantee identity, and help reduce identity theft.
BIO-key's technology is offered directly or by market leading
partners around the world. www.bio-key.com
About IDEX IDEX ASA at Fornebu, Norway, specializes in
fingerprint imaging and recognition technology. IDEX's vision is to
ensure individuals a safe, secure, and user-friendly use of
personal ID. IDEX has developed the award-winning SmartFinger
technology platform based on the Company's core intellectual
property, including the patented fingerprint imaging principle,
sensing scheme and chip design. Combined with core software
solutions for imaging and authentication, the SmartFinger
technology enables on-device enrollment, template storage and
verification within the very same module. SmartFinger solutions can
be seamlessly integrated into a variety of embedded applications
such as mobile phones, one-time password devices, Smartcards,
payment and ID cards, payment terminals, access control devices and
biometric security and login tokens. www.idex.no
BIO-key Safe Harbor Statement Certain statements contained in
this press release may be construed as "forward-looking statements"
as defined in the Private Securities Litigation Reform Act of 1995
(the "Act"). The words "estimate," "project," "intends," "expects,"
"anticipates," "believes" and similar expressions are intended to
identify forward-looking statements. Such forward-looking
statements are made based on management's beliefs, as well as
assumptions made by, and information currently available to,
management pursuant to the "safe-harbor" provisions of the Act.
These statements are subject to certain risks and uncertainties
that may cause actual results to differ materially from those
projected on the basis of these statements. These risks and
uncertainties include, without limitation, our history of losses
and limited revenue, our ability to develop new products and evolve
existing ones, wider market acceptance of biometric technologies,
our ability to raise additional financing, our ability to attract
and retain key personnel. For a more complete description of these
and other risk factors that may affect the future performance of
BIO-key International, Inc., see "Risk Factors" in the Company's
Annual Report on Form 10-K for the year ended December 31, 2012 and
its other filings with the Securities and Exchange Commission.
Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date made.
The Company undertakes no obligation to disclose any revision to
these forward-looking statements whether to reflect events or
circumstances after the date hereof or otherwise.
Contacts: BIO-key International, Inc.: Jay Meier VP Corp. Dev.
Jay.meier@bio-key.com +1-651-789-6116 IDEX ASA: Hemant Mardia CEO
hm@idex.no +44-7788-922-171
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