Biometrics growth prompts ImageWare to tap Imperial Capital for strategic review
ImageWare says its Board of Directors has settled on investment bank Imperial Capital to conduct a strategic review process which aims to capitalize on the company’s transformation towards cloud-based multimodal biometrics and accelerate its achievement of long-term growth objectives.
According to a press release issued by the company, the bank’s expertise will enable ImageWare find alternatives to maximize shareholder value.
ImageWare Chair, President and CEO Kristin Taylor said the move comes amid a transformation initiative by the company to rebuild and create products that help drive its value and biometrics market share among enterprises as well as in federal, state and local governments in the United States.
“We’ve received considerable inbound interest over the past few months relating to Imageware’s three decades of experience in providing federal governments with biometric authentication as well as our work in building a biometric blockchain identity management platform. Imageware has enhanced its core biometric engine, rebuilt its enterprise multi-factor authentication (MFA) product and revamped its original law enforcement platform. These initiatives have been major builds, performed by a talented team of engineers and supporting staff. We also continue to be one the most cited companies in IP for biometrics, by the likes of some of the largest corporations in the world,” said Taylor.
“The board sees great opportunity to continue to transform this company and rapidly accelerate growth in the long term. To help maximize our future potential, we have determined that a strategic review should be conducted. Now is the time for biometrics, and Imageware is in prime position to help lead and change this market given its rich past and talented team who have transformed the company over the past 18 months,” Taylor added.
ImageWare said it does not expect to make any further communication on the strategic review process, except otherwise decided by the Board of Directors.
In April, Imageware posted its 2020 earnings which showed revenues went up 36 percent for the full year, as against 2019. The company also announced plans to expand its market footprint with a biometric business partner program.
ImageWare is making this move at a time when a study by Emergen Research projects that the global biometrics market size will hit $99 billion by 2027, with multimodal biometric systems segment expected to increase in revenue at a significant CAGR during the forecast period.