March 17, 2015 -
Cloud2Drive combines Extenua’s secure cloud storage with Imageware’s mobile authentication solution, GoVerifyID.
Operating on a per-user, per-month model, the software only solution requires no VPNs, gateways or other appliance-based hardware, eliminating single-point-of-failure risks and bottlenecks.
The solution offers a range of features including aggregated multi-vendor cloud services presented as one or more high-capacity, fault tolerant virtual disk drives for Windows, Android, iOS, Linux, and MAC OSX users, real-time cloud vendor migration services without interruption of cloud service or data availability, and compatibility and support for a range of back-end, multi-vendor cloud structures.
The product also provides multi-user, concurrent file-level access that prevents accidental file corruption, artificial Intelligence-based file caching algorithms enabling offline user access to files with “five-nines” accuracy, and access controls and encryption key management that adheres to HIPAA and PCT compliance standards.
“Combining Extenua’s revolutionary secure cloud storage with GoVerifyID allows the enhanced levels of security the enterprise is looking for,” said Imageware chairman and CEO Jim Miller. “ImageWare GoVerifyID’s out-of-band biometric authentication product delivers advanced fraud-prevention capabilities to organizations.
“Biometric authentications including voice, eye, signature, fingerprint and facial recognition, provide an additional enterprise-grade security layers and fraud defense for cloud storage users. Biometrics also delivers the most effective, most seamless security solution for mobile data and users.”
In a separate release, Imageware reported its financial results for the fourth quarter and full year ended December 31, 2014, as well as provided a corporate update regarding its progress.
The company’s total revenues in Q4 2014 were $1.2 million compared to $928,000 in the year-ago quarter due to increased royalty revenue from its channel partners.
Its gross margin in Q4 2014 was 79.0% compared to 72.2% in the year-ago quarter, as a result of its higher royalty revenue, which contributes gross margin at 100%.
Meanwhile, net loss in Q4 2014 was $1.9 million compared to $1.8 million in the year-ago quarter.
At December 31, 2014, cash and cash equivalents totaled $218,000 compared to $2.4 million in the previous year, while its total debt was $1.3 million compared to no debt at December 31, 2013.
On February 6, ImageWare completed a registered direct offering of convertible preferred stock for $12.0 million.
Imageware used about $2.0 million of the proceeds to repay all outstanding debt, and will use the remaining $9.9 million for research and development and other general corporate purposes.