December 15, 2016 -
BIO-key has secured an initial $1.1M subscription contract for its enterprise biometric authentication platform from a leading Fortune 500 customer.
BIO-key’s software-based fingerprint biometric platform was selected to provide secure authentication to customer records and other enterprise resources for several hundred thousand of the customer’s personnel worldwide. The contract will also include initial sales of BIO-key’s fingerprint scanners, with significant additional scanner orders anticipated as the customer expands their deployment. BIO-key expects to record revenue from the contract in the current quarter ending December 31, 2016.
“Like many organizations, this customer needed to both strengthen and streamline its username and password authentication process for its very large user base, yet most strong authentication alternatives presented significant user experience friction. That convinced them to instead choose BIO-key’s simple, yet strong authentication technology,” said Jim Sullivan, BIO-key SVP Global Sales. “A key differentiator of the BIO-key platform is the portability of the biometric user experience, as BIO-key does not tie users to a particular device, and only authorized users may access their systems, credentials cannot be stolen or shared.”
According to a company statement, BIO-key’s authentication platform is more secure than traditional biometric matching, in that it extracts a one-way template of 1500-2000 unique landmarks of a biometric measurement, and securely manages those credentials centrally, enabling portable biometric user experiences. BIO-key supports most integrated fingerprint readers found in user laptops, and where laptops or tablets lack a reader, customers can utilize one of BIO-key’s USB fingerprint reader solutions.
“This is the first large-scale subscription win for our enterprise biometric solutions,” stated Mike DePasquale, Chairman & CEO of BIO-key. “We are extremely proud that this customer selected BIO-key in their pioneering implementation of large-enterprise security and operational workflow and the related efficiency gains available through our authentication solutions. We look forward to building upon this initial relationship and continuing to support them as they expand their biometric footprint.”