BIO-key Secures $4M Order for its Fingerprint Biometric Security Software
December 21 2017 - 8:01AM
BIO-key International, Inc. (Nasdaq:BKYI), an
innovative provider of biometric software and hardware solutions
for strong and convenient user authentication, announced today that
it has secured a $4 million order for its enterprise fingerprint
biometric authentication platform, including maintenance services,
from an existing Fortune 500 customer. The order builds upon
the customer’s initial deployment last year to provide strong
authentication to access customer records and other enterprise
resources by several hundred thousand of the customer’s global
personnel. BIO-key expects to record $2.5M in license revenue
from the order in the current quarter ending December 31, 2017 and
the balance over the next three years.
BIO-key’s authentication platform is more
flexible and secure than traditional biometric solutions, in that
it allows customers to choose between securely managing biometric
credentials centrally or on-device, enabling a portable biometric
user experience. BIO-key’s unique interoperable software supports
over 40 different scanners, including most integrated fingerprint
scanners found in enterprise laptops and tablets. If legacy devices
lack a scanner, customers utilize BIO-key’s high-quality,
value-priced, USB fingerprint scanner solutions widely available
via Microsoft, Amazon, Dell.com and BIO-key’s distribution partners
and retailers.
“Following the success of last year’s initial
one-year enterprise license agreement and software deployment, our
customer elected to expand the scope and duration of our
relationship into a perpetual software license agreement with
software maintenance,” stated Mike DePasquale, Chairman & CEO
of BIO-key. “Beyond this order, BIO-key is also providing
professional services integrating BIO-key into the applications and
identity frameworks users interact with.”
Jim Sullivan, SVP Strategy and Business
Development BIO-key stated, “This sale validates the strength and
capabilities of our robust software, along with the critical market
need for user-friendly, scalable biometric solutions to relieve
enterprise users from the frustration of passwords, tokens, cards
and keys as authenticators. It also represents another large scale
deployment of BIO-key’s unique server-based biometric management
approach. We are pleased this customer has rejected the limitations
of ‘on-device-only’ authentication for their hundreds of thousands
of employees. Enterprises need flexible solutions.”
About BIO-key International, Inc.
(www.bio-key.com) BIO-key is revolutionizing
authentication with biometric solutions that enable convenient and
secure access to devices, information, applications and high-value
transactions. BIO-key’s software and hardware finger scanning
solutions offer secure, user-friendly and attractively priced
alternatives to passwords, PINs, tokens and security cards,
enabling enterprises and consumers to secure their networks and
devices as well as their information in the cloud.
Now BIO-key’s TouchLock line of fingerprint and
Bluetooth-enabled padlocks brings the security and ease of use of
biometric technology to your home, office, school, gym or pastimes.
Available at a growing base of retail and e-tail outlets and via
www.shopbio-key.com, these innovative padlocks
provide even more ways to “BIO-key your world.”
BIO-key Safe Harbor StatementAll statements
contained in this press release other than statements of historical
facts are "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 not
guarantees of future performance or events and are subject to risks
and uncertainties that may cause actual results to differ
materially from those included within or implied by such
forward-looking 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, market
acceptance of biometric solutions generally and our specific
offerings, our ability to expand into the Asian market, the impact
on our business of the past financial crisis in the global capital
markets, and 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, 2016 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 to reflect events or circumstances after the date
made.
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Investor & Media Contacts
William Jones, Tanya Kamatu
Catalyst Global
212-924-9800
bkyi@catalyst-ir.com
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