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HOLMDEL, NJ – BIO-key International, Inc. (NASDAQ: NASDAQ:), a provider of identity and access management solutions, has secured a $1.5 million contract with a long-time financial services client for the continued use and expansion of its biometric identification technology. The two-year prepaid contract will meet the growing customer need for secure customer identification, serving more than 25 million customers with expected annual user growth of 12% over the next year.
BIO-key’s technology, which includes passwordless and tokenless biometric authentication, has been used by the customer for over eight years, with enrollments increasing to more than 3.5 times the initial count. The contract, consisting mainly of subscription fees for the existing customer base, also takes into account the expected growth for the first year. Future payments will be determined by user growth in the second year.
Jim Sullivan, SVP Strategy and CLO at BIO-key, commented on the expanded scope of implementation, noting the customer’s leadership in using biometrics to protect against identity theft and fraud. Sullivan expressed pride in the company’s long-term relationship with the client, which is now the largest bank in their country, and in BIO-key’s commitment to providing efficient and secure solutions.
BIO-key’s offerings are designed to provide secure and convenient access to computers, information and transactions, catering to over thirty-eight million users worldwide. The company’s PortalGuard IAM solution, which can be hosted or deployed on-premises, emphasizes ease of deployment and cost-effectiveness.
This announcement is based on a press release from BIO-key International, Inc.
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