ImageWare Systems wastes no time in Q3, achieves multiple milestones and developments
ImageWare Systems, a leading developer of identity management solutions, providing secure biometric credential and law enforcement technologies, certainly hasn’t wasted any time this past quarter, achieving multiple milestones in product and corporate development.
In September, ImageWare introduced CloudID, its next-generation, cloud-ready suite of identity solutions. The heart of this product suite is the re-engineered BE 2.0, which accelerates the development and deployment of enterprise-class biometric identity solutions for many data sets. It also provides a level of modality, interoperability and massive scalability, previously unavailable in the marketplace.
Also, during the third quarter, ImageWare’s patented, multimodal BE 2.0 became the first agnostic multi-biometric management solution certified on Fujitsu’s NuVola Private Cloud Platform for the enterprise. BE 2.0 enhances critical security functions, allowing rapid deployment of biometric solutions across the NuVola Private Cloud Platform. Fujitsu plans to launch this platform worldwide in the fourth quarter of 2012.
“At the end of last year, we set a goal to establish a leadership position in biometric-based identity management for the cloud,” Jim Miller, chairman and CEO of ImageWare said. “The release of our BE 2.0 earlier this year, followed by the CloudID product suite, has clearly paved the way toward achieving this goal. Our proven experience in the government sector is translating perfectly into the commercial market, and we are gaining traction with customer adoption as demonstrated by our Fujitsu license agreement.”
“Working with a global partner and leading IT innovator like Fujitsu and their NuVola Private Cloud allows ImageWare to quickly enter the private cloud arena,” Miller said. “The worldwide deployment of this platform represents a significant growth opportunity for ImageWare and also demonstrates our multi-biometric security expertise.”
Additionally, as we’ve previously reported, ImageWare has been preparing for a major international deployment as the exclusive provider of biometric identity management for a prime contractor installing cargo scanning security at the Republic of Ecuador’s major seaports.
The initial deployment is currently scheduled to begin in the early part of 2013 at the Port of Guayaquil, the country’s main seaport that handles a majority of its imports and exports. ImageWare expects to receive a fee for every port worker receiving credentials, as well as an annual management and maintenance fee, based on a percentage of the initial credentialing cost per worker. Depending upon the number of enrollees, the company expects the contract value to exceed $3.0 million over its seven year term.
Formed in 1987, ImageWare Systems, Inc. is headquartered in San Diego, with offices in Portland, Washington D.C. and Ottawa, Canada.
In an earlier Biometric Research Note, we identified ImageWare as a “speculative buy” for both retail and institutional share market investors as the firm represents an attractive acquisition target for larger biometric firms.