BIO-key Sees Significant Increase in Customer Demand for its Cloud-Based Authentication Identity-as-a-Service (IDaaS) Solutio...
January 12 2021 - 8:03AM
BIO-key International, Inc. (NASDAQ: BKYI), an innovative provider
of identity and access management (IAM) solutions powered by
biometrics, today announced that many of its existing customers are
migrating from their current on-premises deployment to BIO-key's
PortalGuard® Identity-as-a-Service (IDaaS) cloud-based
authentication solution. While also onboarding new named customers
BIO-key is assisting an increasing base of customers who desire to
move more of their critical applications to the cloud and are
attracted to improved security and simplified management
capabilities of PortalGuard® IDaaS. In Q4 2020, BIO-key migrated
nine of its [on-premises] customers to PortalGuard IDaaS,
supporting approximately 115,000 users. Also, there is further
upside potential of converting over 200 existing on-premises
customers representing millions of users to IDaaS in 2021 and
beyond.
The need to secure data while conforming to increasing security
standards and distributed workforces has become a driving force
behind customers' move to IDaaS. BIO-key's PortalGuard IDaaS
accelerates the transition to a cloud-based identity management
solution by providing an enterprise-grade security platform with a
strong return on investment. Allowing users self-service access to
critical portals, for example, is just one of the ways an IDaaS
system can provide support and ROI for businesses. PortalGuard
effectively reduces the complexity and cost of its customer's IT
infrastructure, making IAM capabilities easier to use and manage.
PortalGuard enables identity management via a single "pane of
glass" from a security perspective, giving organizations clear
visibility to view individual access across the enterprise.
"The maturation of the cloud services market has enabled IDaaS
to emerge as the preferred deployment model versus the traditional
on-premises IAM solution," said Mark Cochran, President of BIO-key
- PortalGuard. "Enhanced security and scalability, reduction in
cost and complexity, along with the relatively easy deployment of
IDaaS, makes it an increasingly desirable option for our
customers."
About BIO-key International, Inc.
(www.bio-key.com)BIO-key
is revolutionizing authentication with biometric centric,
multi-factor identity and access management (IAM) solutions,
including its PortalGuard IAM solution, that provide convenient and
secure access to devices, information, applications, and high-value
transactions. BIO-key's proprietary software and hardware
solutions, with industry-leading biometric capabilities, enable
large-scale on-premise and Identity-as-a-Service (IDaaS) solutions,
including customized enterprise and cloud 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, 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, 3 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, 2019 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. In particular, the
consequences of the coronavirus outbreak to economic conditions and
the industry in general and the financial position and operating
results of our Company, in particular, have been material, are
changing rapidly, and cannot be predicted.
Engage with BIO-keyFacebook – Corporate:
https://www.facebook.com/BIOkeyInternational/LinkedIn – Corporate:
https://www.linkedin.com/company/bio-key-internationalTwitter –
Corporate: @BIOkeyIntlTwitter – Investors: @BIO_keyIRStockTwits:
BIO_keyIR
Investor & Media ContactsWilliam Jones
& David CollinsCatalyst IR 212-924-9800bkyi@catalyst-ir.com
BIO key (NASDAQ:BKYI)
Historical Stock Chart
From Mar 2024 to Apr 2024
BIO key (NASDAQ:BKYI)
Historical Stock Chart
From Apr 2023 to Apr 2024