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G+D, SuperCom, ForgeRock release 2021 financial results

authID.ai shuffles its $22.5M capital investment
G+D, SuperCom, ForgeRock release 2021 financial results
 

Giesecke+Devrient, the conglomerate which includes biometrics providers Veridos and secunet, announced its annual financial results alongside separate results for SuperCom’s and ForgeRock’s 2021 and fourth quarter finances. authID says it has worked out new funding sources for its $22.5 million capital investment after a switch-up of investors.

G+D revenues boosted by secunet; management changes for Veridos announced

Giesecke+Devrient (G+D) reported overall improvements in its finances in 2021, driven by growth in its biometric security company secunet and mobile technology according to an annual report by the company.

The German firm says its sales rose by 2.8 percent in 2021 to €2.4 billion (approximately US$2.6 billion) compared to €2.3 billion in 2020. Its secunet security business had the largest growth, with €338 million ($371 million) in 2021 against €286 million in 2020. Mobile security comprised the second-largest sales growth with €811 million ($891 million) in 2021 compared to €786 million in 2020. The parent company’s currency technology business showed small gains of €1.05 billion ($1.15 billion) in 2021 compared to €1.04 billion the previous year, while Veridos’ sales fell from €228 million ($251 million) in 2020 to €198 million in 2021.

G+D spent €118 million ($130 million) on research and development in 2021 compared to €101 million ($111 million) in 2020. Its net income leapt from €42.9 million ($47 million) in 2020 to €85.2 million in 2021, a 98.7 percent jump. Chief executive Ralf Wintergerst says the company broke its 2019 EBIDTA, EBIT, and free cash flow figures in a strong showing for those measures.

Klaus Josef Lutz, the chairman of G+D’s supervisory board, says the company achieved “very good” financial results in 2021 despite challenges like the COVID-19 pandemic. Wintergerst also noted the global shortage of microchips as a problem, but spoke with optimism about the future of the company and says G+D is seeking to invest further in R&D, explore investments in ambitious small companies, and continue its mergers and acquisitions.

Veridos also announced that its chief financial officer Anne Dierkopf will leave her position on April 30 for new career opportunities in a separate press release. Christian Thywissen joined Veridos on April 1, and starting May 1, replace Dierkopf in her position. Thywissen is said to have 20 years of experience in operational and strategic controlling, finance and accounting, and mergers and acquisitions transactions.

“This placement once more underlines the strong commitment of both shareholders to the development and growth path of Veridos GmbH. We wish Dr. Christian Thywissen all the best in his new role,” comments Wintergerst.

SuperCom slumps in 2021 and Q4 earnings

Israeli biometric monitoring and digital identity company SuperCom says its annual and fourth quarter sales showed losses of $10.1 million for the year.

SuperCom reports a $5.4 million loss in the fourth quarter of 2021 and a loss of 32 cents per share with revenue of $3 million in the period. Its $10.1 million loss in 2021 translated to a loss of 38 cents per share, with revenue of $12.3 million.

In March, SuperCom announced it reached an agreement with an institutional investor to raise $4.7 million in ordinary shares in a registered direct offering. It has undergone rocky financial moments before, such as facing a warning from the Nasdaq in October 2020 over a minimum bid price warning.

ForgeRock exceeds 2021 growth expectations

ForgeRock showed improvements in its 2021 annual and fourth quarter financial results, driven by subscription revenue for its identity services.

“It was a momentous year for ForgeRock that was capped off with exceptional acceleration in ARR [Annualized Recurring Revenue] growth and we’re raising the bar for growth in 2022,” comments Fran Rosch, CEO of ForgeRock. “Customer demand for ForgeRock’s innovative platform is stronger than ever as customers leverage our platform to drive their digital transformation initiatives. The adoption of the ForgeRock Identity Cloud, our SaaS offering, has exceeded our expectations and now represents 12% of total ARR after its first full year of availability.”

Its 2021 total revenue made a marked increase from $128 million in 2020 to $177 million in 2021, a 39 percent leap year-over-year. The figure was pushed by subscription term licenses for its ForgeRock Identity Cloud and subscription SaaS, support & maintenance. Its ARR was $183 million, an increase of 35 percent year-over-year.

The company continued to operate at a loss of $28 million in 2021 compared to $32 million in 2020. Sales and marketing and general and administrative comprised the largest portion of the loss, with research and development playing the smallest role.

For the fourth quarter, ForgeRock’s total revenue stood at $48 million in 2021 compared to 40 million in 2020, a 19 percent increase. It operated a larger loss in the fourth quarter of 2021 at $10.4 million compared to $1.5 million in 2020.

“Our record fourth quarter results outperformed our guidance across all metrics and we’re entering 2022 with tremendous momentum,” says John Fernandez, chief financial officer of ForgeRock. “We added a record number of customers with $100K of ARR or greater in Q4, bringing our total to 394, representing an acceleration in large customer growth to 21 percent year-over-year.”

For the full year of 2022, ForgeRock expects an increase in total ARR from $238 million to $241 million; total revenue to rise from $212 million to $215 million; and non-GAAP operating loss of $27 million to $24 million.

For the first quarter of 2022 compared to 2021, the company has a financial outlook of an increase in total ARR from $187 million to $188 million; total revenue of $46.0 million to $47.0 million; and a non-GAAP operating loss of $13.5 million to $12.5 million.

AuthID.ai finds new investors after negotiations for $22.5M funding

AuthID.ai managed to secure new investors, including the billionaire co-owner of the NBA’s Milwaukee Bucks, after an existing investor sought to switch up the $22.5 million working capital deal, according to Business Insider.

The mobile biometrics company believed it had secured the funding with a stock issuance, convertible notes, and a $10 million credit facility from the existing investor, but the investor attempted to renegotiate the deal. AuthID.ai’s CEO Tom Thimot and his team reportedly raised money from a new set of investors after the news.

Jamie Dinan, a billionaire hedge-fund manager and co-owner of NBA team the Milwaukee Bucks, is said to have more than doubled his prior investment in authID.ai and his name brought on board additional investors. Dinan declined to provide details about his investment, Business Insider reports.

Varana Capital, which has an executive on authID.ai’s board of directors, and real-estate developer Stephen Garchik also joined in the funding round. Garchik, the largest shareholder in authID.ai offered a $10 million credit facility.

To draw in investors, authID.ai presented details on the potential growth for mobile identity verification due to increasing online fraud in a slideshow. The company pitched its facial authentication as a defense against fraud and as a biometric alternative to passwords, and highlighted a 22.7 percent compound annual growth rate for ‘biometrics as a service’ market from 2021 to 2026 using research from Mordor Intelligence.

It pointed to its proof of value in ecommerce, cryptocurrency trading, medical certifications, fintech money transfer and notary platforms, and gaming.

Thimot says the new capital will be used to expand authID.ai’s sales and marketing team to focus on different verticals, such as crypto and payments.

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