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Intellicheck, Okta digital identity revenues up, Elan Microelectronics sees opportunity

Nxt-ID now LogicMark, Plurilock acquires Integra Networks
Intellicheck, Okta digital identity revenues up, Elan Microelectronics sees opportunity

Intellicheck has reported 38 percent year-over-year growth in revenues from its software-as-a-service (SaaS) for physical and digital identity validation in its fiscal 2021 year.

The company booked total revenues of $3.9 million in the fourth quarter of 2021, 27 percent higher than the same period in 2020, with 23 percent SaaS growth y-o-y and 14 percent sequentially.

Net loss for the year was $4.1 million, or $0.22 per diluted share, compared to a net income of $558,000 in 2020, and a gain of $0.03 per diluted share.

“We made a number of significant changes in 2021 to move the Company forward. We have launched Platform 2.0 featuring additional multinational ID and KYC capabilities. We are also seeing results from our emphasis on increasing brand awareness with an increase in inbound leads for the age-restricted market. We believe these initiatives will drive our continued growth and will promote additional opportunities with both new and existing clients,” comments Intellicheck CEO Bryan Lewis.

Intellicheck’s outlook for the first quarter of 2022 is impacted by a code freeze at a major partner pending a change that is expected to provide opportunity for Intellicheck in the longer term. SaaS revenues are still anticipated to be between $3.2 million and $3.35 million.

Okta full-year revenues up 56 percent

Okta’s digital identity and access management revenues for fiscal 2022 were up 56 percent to $1.3 billion, with fourth quarter revenues rising 63 percent year-over-year.

GAAP net loss for Okta in Q4 was $241 million, following a Q4 2021 GAAP net loss of $76 million.

The company reports a GAAP net loss of $848 million for the year, compared to a loss of $266 million the previous fiscal year.

“Identity management is at the forefront of today’s rapidly evolving security environment,” said Todd McKinnon, Chief Executive Officer and co-founder of Okta. “Today, C-level executives and developers are increasingly turning to Okta to help provide their employees and customers the freedom to safely use any technology. We exited FY22 with accelerating top-line metrics driven by strong execution and robust demand across our workforce solutions and both Okta and Auth0 customer identity solutions. Okta brings an unparalleled platform of cloud native identity management solutions to a massive market that continues to move towards us, propelled by the three mega-trends of cloud and hybrid IT, digital transformation, and zero trust security.”

Okta expects to earn between $1.78 and $1.79 billion in revenue in its fiscal 2023 year, for a growth rate of 37 to 38 percent.

Elan projects growth from PC biometrics, smart cards

Elsewhere in biometrics stocks, a monthly update from Elan Microelectronics reveals that fingerprint biometric sensors made up 15 percent of company revenues in February.

The company expects further growth from its biometrics products, with Windows 11 encouraging biometrics adoption in enterprise PCs and Elan’s biometric smart card solution expected to pick up certifications from three major credit card networks in the first half of the year, according to the announcement.

Elan reports NT$1.1 billion (US$38.8 million) in consolidated net sales in February, a marginal increase from the same month last year.

Nxt-ID now LogicMark

Nxt-ID is changing its name to LogicMark and its ticker symbol on the Nasdaq to ‘LGMK.’

The company acquired personal emergency response system (PERS) LogicMark for $20 million back in 2016, and the rebrand is part of a strategic shift emphasizing this business. LogicMark has supplied more than 500,000 PERS devices to seniors, veterans and others to date, and the company refers to a market analysis forecasting a 7.5 percent gain in the market by 2025.

“Care technology has always been at the heart of this company and is the future of developing our Caring-Platform-as-a-Service (CPaaS),” says Chia-Lin Simmons, CEO of LogicMark. “It represents an entirely new ecosystem. We see this as the perfect time to reflect this change in our name.”

Simmons was appointed CEO last year, and recently noted a pair of provisional patents the company has received related to fall detection in an earnings report.

Plurilock acquires enterprise, government IT provider

Plurilock has reached a deal to acquire Integra Networks for CA$1.2 million (roughly US940,000), which provides enterprise technology solutions and has a large network of Canadian government clients, according to the announcement.

All issued and outstanding shares in Integra have been bought by Plurilock, which plans to integrate its zero trust digital identity technology with Integra and deliver the combined offerings through its strong sales distribution network, the company says.

Integra serves federal government customers including Shared Services Canada, Department of National Defence, and the Royal Canadian Mounted Police. The deal also gives Vancouver-based Plurilock a larger footprint in the East of the country.

“We are excited to welcome the Integra team to the Plurilock family,” says Ian L. Paterson, CEO of Plurilock. “Foundationally, Integra checked a number of boxes we were looking for in an accretive acquisition. With a strong presence in the Canadian federal government with Tier 1 government agency customers, a strong balance sheet, proven sales of CA$5 million, 19 percent gross margin over the last 12 months, and profitable operations resulting from 35 years of experience, we are looking forward to onboarding the team and exploring new synergistic opportunities to scale our combined operations.”

Plurilock also completed the acquisition of CloudCodes in late-2021.

BIO-key, meanwhile, has completed its deal to acquire Swivel Secure Europe.

The company says the acquisition will boost its revenues, customer base, and talent in Europe, the Middle East and Africa.

“We are excited to bring our award-winning, cost-effective and easy to deploy portfolio of IAM and identity-bound biometric solutions to serve the needs of current and future customers across EMEA markets,” comments BIO-key Chairman and CEO Michael DePasquale.

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