Ipsidy reports earnings, wins contract to provide de-duplication for Zimbabwe voter rolls

Mar 19, 2018, 5:04 pm EDT | Chris Burt

Ipsidy has reported earnings of $2.3 million in 2017, a 21 percent increase from $1.9 million in 2016, though its net loss ballooned from $9.9 million to $17.5 million.

The company made several changes during the year, including rebranding from ID Global Solutions Corporation, eliminating some debt and making investments in infrastructure, technology, and personnel to support on-going and future operations. Basic and fully diluted loss per share was flat from the previous year, at $0.05.

“2017 was a year of transformational change,” said Philip Beck, Chairman and Chief Executive Officer of Ipsidy.

“The company was recapitalized, management was reorganized and the Ipsidy team strengthened. We continue to enhance our identity transaction platform, in order to create trusted transactions to approve everyday events. Our platform enables customers to choose the levels of friction and assurance that are appropriate to their business. We are looking forward to an exciting year of progress.”

Ipsidy announces contract win with Zimbabwe Electoral Commission

Ipsidy also announced that it was awarded a contract to provide an Automated Fingerprint Identification System (AFIS) from the Zimbabwe Electoral Commission (ZEC) for use in the country’s upcoming 2018 general elections.

The integrated IDSearch/IMS Biometric Voter Registry solution includes both de-duplication hardware and software provided by Ipsidy. The ZEC will use the system to produce voter rolls from its national biometric voter database, which was established during the past year with support from Laxton.

“This award represents the continued recognition of the efficacy and value of Ipsidy’s identification platform, software and services in the African election market,” said Mr. Thomas Szoke, Chief Technology Officer of Ipsidy Inc.

Ipsidy also recently reached a deal to have its IdLock service offered to financial institutions in Latin America by DataPro.