HYPR, Imprivata show revenue growth in 2021, Precise Biometrics optimistic
Hypr and Imprivata say their business fundamentals continued to show progress in summaries of their 2021 fiscal year, while Precise Biometrics voiced optimism about its plans despite semiconductor shortages and a related fall in financial figures for last year.
HYPR doubles subscription revenue and finds new clients
Hypr announced it doubled its subscription revenue, improved customer acquisition, and established clientele in new industries through demand for passwordless authentication in a news release of its 2021 fiscal year.
The New York-headquartered company says it saw an increase of more than 260 percent in annual recurring revenue (ARR) due to a 187 percent year-over-year growth in closed deals with its partner vendors in 2021.
Hypr says the $35 million it raised in April 2021 to double its workforce and expand its global support organization has accelerated its annual growth. In the fourth quarter of 2021, Hypr reports it nearly doubled its customer base with the financial sector accounting for 150 percent of the growth. Across all of 2021, Hypr says it increased its workforce by 107 percent.
Its passwordless multi-factor authentication (MFA) was chosen by Aon and Aetna CVS Health as its most notable customers. Hypr adds that it expanded into agriculture, auto and manufacturing, utilities, hospitality and tourism, and non-profit fields in a departure from its traditional clientele. It also signed new enterprise customers in the Europe, the Middle East, and Africa region, including financial institutions in Poland and Switzerland.
Since the launch of its Velocity Partner Program in October 2020, Hypr says it tripled its number of signed members. It will also add a certification program for sales and solutions delivery in 2022 to provide training for people to become FIDO-based phishing-resistant MFA experts.
Bojan Simic, co-founder, CTO and as of recently CEO of Hypr comments, “2021 was monumental for HYPR. We expanded our market visibility, grew our business and made significant inroads in debunking passwordless myths and misconceptions. We see these milestones as a sign of evolution – not just of our business, but of the overall authentication market. We have the tools, resources and momentum to kickstart the next stage in our journey towards fixing the way the world logs in.”
Imprivata highlights milestones and customer retention
Healthcare industry biometrics and digital identity provider Imprivata announced milestones with its authentication solutions and modest bookings growth alongside a robust customer retention rate in 2021.
Imprivata says its overall bookings rose up to 13 percent compared to 2020 with a 98 percent customer retention rate. The year also delivered milestones like privileged access management, risk analytics, and intelligence to its interoperable solution portfolio; and developments to iOS and Android mobile platforms with facial authentication and enterprise password autofill. It also opened its new headquarters in Waltham, Massachusetts, and made several executive appointments.
The firm says the growth was sparked by modernization efforts in healthcare and enterprise, the proliferation of mobile telehealth, vendor consolidation efforts, and the frequency and severity of cyberattacks.
“The last two years have brought unprecedented challenges and complexity, particularly for healthcare organizations reeling from the effects of COVID-19,” explains Gus Malezis, CEO of Imprivata. “We’ve spent considerable time reflecting on what we, as an organization, can do to make our customer’s lives easier while ensuring their systems and data stay secure amid a wider attack surface and targeted cyberattacks that threaten not only infrastructures, but patient safety.”
Precise Biometrics projects steady progress
A persistent dearth of semiconductors and reductions in key financial figures for 2021 is not stopping Precise Biometrics from showing a happy face for the future of the Swedish company.
An annual report for its 2021 fiscal results shows an almost 10 percent decline in net sales from 2020, running the company at an operating loss of SEK14 million (approximately US$1.5 million) for the year. After net financial instruments and taxes, the loss was measured at SEK13.45 million (approximately US$1.43 million), compared to a loss of SEK12.2 million (approximately US$1.29 million) in 2020.
Precise blamed semiconductor shortages for harming its Algo business by lowering royalty revenues, extending its pains from the first to third financial quarters last year.
Despite impediments in 2021, Precise’s chairman of the board Torgny Hellström projected confidence in its future, pointing to the acquisition of EastCoast Solutions, applications of its fingerprint reader technology in Qualcomm’s latest biometric sensors, its partnership with Infineon for vehicle biometrics, and a pilot project with Algeco for digital home energy management with biometrics from Precise YOUNiQ as bright signs.
Hellström says Precise is building “a more resilient business model” that will be profitable in the long term.