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ImageWare launches identity onboarding and management solution and reports earnings

ImageWare launches identity onboarding and management solution and reports earnings

ImageWare has expanded its GoVerifyID Enterprise Suite with a digital identity onboarding and management technology, enabling users to prove their identity and maintain privacy and personal information with easily configured workflows.

The GoVerifyID Digital Identity Transformation Platform is a turnkey solution providing federated digital identity onboarding, digital identity proofing, digital rights management, digital contracting, document signing, and digital vaults, while supporting regulatory and privacy compliance across multiple digital ecosystems from one platform, according to the announcement. Users perform validation with government-issued ID cards, biometrics, KYC processes, and other data sources and then enroll their biometrics via their mobile phone.

“Providing digital onboarding and digital identity management capabilities as part of ImageWare’s ultra-scalable two-factor, multi-factor, and biometric authentication mobile/cloud SaaS provides the ultimate in digital identity assurance and authentication,” says ImageWare Senior VP of Sales and Marketing David Somerville. “Now, ImageWare’s customers can have a seamless journey from digital onboarding to user authentication, document signing, and contracting all using their mobile phones which is a significant driver for market adoption and acceleration of enhanced digital services.”

Chairman and CEO Jim Miller said the technology has already been deployed to clients in the telecom and financial industries through ImageWare partner Contactable.

Major project revenue moving slowly through pipeline in Q3

The company also reported quarterly revenue of $736,000 for period ending September 30, down from $1.08 million in Q3 2017, and the company’s net loss grew from $2.4 million a year ago to $3.5 million.

For the nine-month year-to-date period, ImageWare reports revenue was $3.3 million, up from $3.1 million in the same period a year earlier, though net loss for the first three quarters increased from $10.5 million in fiscal 2017 to $11.8 million so far this year. Loss per share increased from $0.04 a year earlier to $0.05 for the quarter, and from $0.11 to $0.12 for the nine-month period.

Miller noted that the company took $4.5 million in new orders during the quarter, but various reasons including the extended time frames for the performance of large projects prevented the company from realizing revenue from them by the quarter’s end.

“More was accomplished than meets the eye,” Miller says. “We continue to see progress on all fronts, albeit in some cases at a slow rate, and we also continue to see exciting new opportunities where we can improve revenues.”

Miller continues, “Our recent financing has put us in a position where we have sufficient operating capital as we move forward to our goal of attaining positive cash flow.”

Highlights from the quarter include ImageWare’s selection as a participating vendor in an IBM Canada contract to provide identity authentication for Canadian airport employees, as well as closing an $8.9 million Preferred Stock financing round and converting $6.9 million of debt into equity.

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