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BIO-key secures $800k govt IAM follow-on deal

BIO-key secures $800k govt IAM follow-on deal

The defense ministry of an unnamed government has placed a new order worth $800k for BIO-key’s biometric identity and access management system (IAM), the company has announced.

The deal, which follows a previous three-year order, is part of the client’s efforts to fortify security around its critical information systems as it deploys BIO-key’s IAM hardware and hardware for new programs and use cases. The government is not named in the announcement.

Already, the company says its products have been integrated into the client’s virtual desktop infrastructure (VDI) capabilities to enable secure VDI-optimized biometric authentication without phones or tokens. The client’s workforce includes 30,000 users.

It is also working with the cybersecurity team of the said defense ministry to build strong security across the organization’s applications thanks to its cloud-enabled biometric authentication offering.

“When the stakes are at their highest, security must be uncompromising yet user-friendly. BIO-key’s relationship with this innovative customer continues to expand, as does interest from the defense vertical in general,” says Jim Sullivan, BIO-key’s SVP of strategy and chief legal officer, referring to a deal with the defense ministry of Montenegro.

“We are pleased to be trusted to provide the highest level of security possible by biometrically ensuring only the right user accesses the most sensitive information. BIO-key has a long history of providing very secure and robust solutions in government, defense, finance, retail, and other highly regulated industries, and we are finding that our superior user experience and cost-saving tokenless solution translates well to enterprise authentication.”

This deal comes after BIO-key received two different orders worth $340k and $150k in the third quarter of this year. All three will be recognized during the Q4’23.

The announcement of this follow-on deal comes just days after BIO-key said it raised gross proceeds to the tune of about $3.75 million from a public offering of 21.4 million share units.

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