MCLEAN, Va., May 9, 2017 /PRNewswire/ -- WidePoint Corporation
(NYSE Mkt: WYY) a leading provider of Managed Mobility Services
(MMS) specializing in Cybersecurity and Telecommunications
Lifecycle Management (TLM) solutions, announced today that it has
acquired the assets of Probaris' Probaris ID Identity
Management System software suite (Probaris ID®).
The strategic purchase adds biometric capture and identity
vetting capabilities to WidePoint's intellectual property along
with new contracts, partners, and other related assets. WidePoint's
proprietary identity management offerings are enhanced by the
acquisition of Probaris ID, which can serve as a registration
authority for enterprises and government agencies that need to
issue and manage digital identities.
Jeff Nyweide, chief executive
officer of WidePoint, said, "The acquisition of this established,
industry-leading software enhances our proprietary identity
management offerings, expands our customer reach, provides
additional revenue opportunities, and brings in house current
licensed software. The acquisition also provides us the opportunity
to support several new federal agency relationships with a new
partner that could generate millions of dollars of additional
high-margin revenues for the company, while securing and enhancing
WidePoint's proprietary identity management credentialing
intellectual property."
Probaris ID was developed to be highly configurable,
multi-tenant, multi-token, and identity-centric. It is fully
compliant with the Identity Management System (IDMS) standards
specified in FIPS 201, PIV, PIV-I, and related publications. It
serves as the single user interface to multi-component identity
solutions that can include biometric capture devices (e.g.,
cameras, fingerprint scanners), personalization devices (e.g.,
printers), and physical access systems. It has been pre-integrated
with many of the leading providers and components in the identity
solutions market. It is ideally suited for organizations that need
to manage large user populations, with many users who need access
to sensitive information or facilities.
WidePoint acquired the assets of the Probaris Technologies
Probaris ID® Software Suite for approximately
$400,000, which includes an upfront
cash payment of $300,000, a
contingent performance-based payment of $100,000, along with certain other revenue
sharing-based arrangements.
About WidePoint
WidePoint is a leading provider of secure, cloud-delivered,
enterprise-wide information technology-based solutions that can
enable enterprises and agencies to deploy fully compliant IT
services in accordance with government mandated regulations and
advanced system requirements. WidePoint has several major
government and commercial contracts. For more information, visit
www.widepoint.com.
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995: This press release may contain forward-looking
information within the meaning of Section 21E of the Securities
Exchange Act of 1934, as amended (the Exchange Act), including all
statements that are not statements of historical fact regarding the
intent, belief or current expectations of the company, its
directors or its officers with respect to, among other things: (i)
the Company's financing plans; (ii) trends affecting the Company's
financial condition or results of operations; (iii) the company's
growth strategy and operating strategy; (iv) the Company's ability
to achieve profitability and positive cash flows; (v) the Company's
ability to raise additional capital on favorable terms or at all;
(vii) the Company's ability to gain market acceptance for its
products and (viii) the risk factors disclosed in the Company's
periodic reports filed with the SEC. The words "may," "would,"
"will," "expect," "estimate," "anticipate," "believe," "intend" and
similar expressions and variations thereof are intended to identify
forward-looking statements. Investors are cautioned that any such
forward-looking statements are not guarantees of future performance
and involve risks and uncertainties, many of which are beyond the
company's ability to control, and that actual results may differ
materially from those projected in the forward-looking statements
as a result of various factors including the risk factors disclosed
in the Company's Annual Report on Form 10-K for the year ended
December 31, 2016 filed with the SEC
on March 15, 2017.
For More Information:
Brett Maas or David Fore
Hayden IR
(646) 536-7331
brett@haydenir.com
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SOURCE WidePoint Corporation