BIO-key Completes Acquisition of Swivel Secure Europe, Significantly Expanding its Revenue Base, Customer Reach and Talent in Europe, Middle East and Africa
March 09 2022 - 8:05AM
BIO-key International, Inc. (NASDAQ: BKYI), an innovative provider
of workforce and customer identity and access management (IAM) and
Identity-Bound Biometric (IBB) solutions, today announced that it
has completed the acquisition Swivel Secure Europe, S.A (SSE), a
privately-held IAM solutions provider based in Madrid, Spain that
serves European, Middle East and African (EMEA) markets. SSE
generated approximately $3.1M in revenue and $578K in operating
income in calendar 2021. SSE has a five-year exclusive
distribution agreement for Swivel Secure Limited’s software
solutions in all EMEA markets outside of the United Kingdom.
Alex Rocha, the CEO and former sole stockholder of SSE, will
continue to manage day to day operations at SSE reporting directly
to BIO-key’s Chairman & CEO. The acquisition provides BIO-key
with a ten member sales and support team with extensive customer
and industry relationships throughout the EMEA region with offices
in Madrid, Lisbon and UAE. SSE also brings technology partnerships
with SAP, SailPoint and Red Hat, and global reseller partner
relationships with Arrow, Deloitte, Accenture, Logicalis, IBM,
Telefonica and Wipro.
“Swivel Secure significantly strengthens BIO-key’s presence and
potential reach across Europe, the Middle East and Africa during an
unprecedented period of cybersecurity threats and attacks,” said
BIO-key Chairman & CEO Michael DePasquale. “We are excited to
bring our award-winning, cost-effective and easy to deploy
portfolio of IAM and identity-bound biometric solutions to serve
the needs of current and future customers across EMEA markets.”
“BIO-key is a respected leader in identity and access management
and civil identification in the North America, Africa and Asia,”
said Mr. Rocha. “We’re excited to join forces with BIO-key to
leverage our mutual strengths across a broader global footprint.
Swivel Secure has longstanding relationships with over 300
customers in similar and complementary verticals including
education, government, banking, finance, healthcare and
manufacturing. Through this combination, we will be able to deliver
improved capabilities and service levels for customers on a global
basis.”
The need for multi-factor authentication (MFA) is significant in
the EMEA, where enterprises require the ability to fully control
and monitor secure access by employees, students, customers and
partners. SSE’s customers will be able to leverage a full portfolio
of award-winning products including AuthControl® Sentry,
AuthControl Enterprise and AuthControl MSP, as well as BIO-key’s
full line of software and hardware solutions.
About BIO-key International, Inc.
(www.BIO-key.com) BIO-key has over two decades of expertise in
providing authentication technology for thousands of organizations
and millions of users and is revolutionizing authentication with
biometric-centric, multi-factor identity and access management
(IAM) solutions. Its PortalGuard IAM solution provides convenient
and secure access to devices, information, applications, and
high-value transactions. BIO-key’s patented software and hardware
solutions, with industry leading biometric capabilities, enable
large-scale on-premises and cloud-based Identity-as-a-Service
(IDaaS) solutions, as well as customized enterprise solutions.
BIO-key Safe Harbor Statement All 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, risks associated with the SSE acquisition
including unexpected costs or delays in integrating SSE operations
into our operations, realization of operational synergies, SSE
continuing to operate consistent with historical results, and
retaining key employees and partners of SSE, as well as more
general risks and uncertainties including our history of losses and
limited revenue; our ability to raise additional capital; our
ability to protect our intellectual property; changes in business
conditions; changes in our sales strategy and product development
plans; changes in the marketplace; continued services of our
executive management team; security breaches; competition in the
biometric technology industry; market acceptance of biometric
products generally and our products under development; our ability
to execute and deliver on contracts in Africa; our ability to
expand into Asia, Africa and other foreign markets; the duration
and severity of the current coronavirus COVID-19 pandemic and its
effect on our business operations, sales cycles, personnel, and the
geographic markets in which we operate; delays in the development
of products and statements of assumption underlying any of the
foregoing as well as other factors set forth under the caption see
"Risk Factors'' in our Annual Report on Form 10-K for the year
ended December 31, 2020 and 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. Except as required by law, the Company undertakes
no obligation to disclose any revision to these forward-looking
statements whether as a result of new information, future events,
or otherwise. Additionally, there may be other factors of which the
Company is not currently aware that may affect matters discussed in
forward-looking statements and may also cause actual results to
differ materially from those discussed.
Engage with BIO-keyFacebook – Corporate:
https://www.facebook.com/BIOkeyInternational/LinkedIn – Corporate:
https://www.linkedin.com/company/bio-key-internationalTwitter –
Corporate: @BIOkeyIntl Twitter – Investors: @BIO_keyIR StockTwits:
BIO_keyIR
BIO-key Media Contact Tim Hurley, Erin
KnappMatter Communications BIO-key@matternow.com617-201-9152
Investor ContactsWilliam Jones, David Collins
Catalyst IR BKYI@catalyst-ir.com212-924-9800
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