DENVER - authID.ai [Nasdaq: AUID], a provider of biometric identity verification solutions, has announced a reseller agreement with Kaiasoft.com, a SaaS applications firm, to offer biometric capabilities to clients in America and Europe. Kaiasoft.com will integrate authID's technology into their service offerings, aiming to enhance user identity verification processes.
The collaboration is set to provide a more seamless and secure user experience for Kaiasoft.com's clients, particularly in the ecommerce and healthcare sectors. This move comes in response to the rising threat of cyberattacks using generative AI, such as deepfakes and fake IDs, which can lead to account takeovers and fraud.
authID's CEO, Rhon Daguro, expressed enthusiasm for the partnership, highlighting the benefits of their biometric identity platform, including its speed and accuracy in user verification. The platform is designed to deliver identity processing in 700 milliseconds, streamlining the digital onboarding process and reducing the risk of fraudulent activities.
Mike Hoyman, CEO of Kaiasoft.com, also commented on the agreement, noting the anticipated reduction in customer support inquiries and user abandonment as a result of adopting authID's passwordless authentication solutions. The biometric technology is expected to improve security and user experience while lowering operational costs for Kaiasoft.com's clients.
authID's solutions employ document-based identity verification and facial biometric matching to authenticate users. By replacing traditional passwords and knowledge-based answers with biometric verification, the platform aims to provide a more robust defense against sophisticated cyber threats.
The partnership signifies a strategic move to bolster the digital security infrastructure for Kaiasoft.com's clients, ensuring that user interactions are authenticated efficiently and accurately.
This news is based on a press release statement from authID Inc.
InvestingPro Insights
Amidst the announcement of authID.ai's strategic partnership with Kaiasoft.com, investors may be evaluating the company's financial health and market performance. To provide a clearer picture, InvestingPro offers some key insights into authID.ai's current financial metrics and stock behavior.
The company, with a market capitalization of approximately $101.02 million, appears to be a niche player in the biometric identity verification solutions industry, an InvestingPro Tip that highlights its specialized market position. Despite recent initiatives, authID.ai is not profitable over the last twelve months, with a negative price-to-earnings (P/E) ratio of -3.41, adjusted to -5.31 for the last twelve months as of Q1 2024. This indicates that the company has yet to generate net positive earnings.
Furthermore, authID.ai's stock price has experienced significant volatility, another InvestingPro Tip that investors should consider, especially when looking at the 19.3% return over the last three months. This fluctuation could be a reflection of market reactions to company news and industry developments.
Despite the challenges in profitability, authID.ai holds more cash than debt on its balance sheet, and its liquid assets exceed short-term obligations, suggesting a degree of financial stability. Moreover, the company does not pay a dividend to shareholders, which is typical for companies focused on growth and reinvestment.
For those interested in exploring more about authID.ai's potential and receiving additional InvestingPro Tips, there are currently 8 more tips available on the InvestingPro platform: https://www.investing.com/pro/AUID.
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