HOLMDEL, N.J. - BIO-key International, Inc. (NASDAQ: NASDAQ:BKYI), a provider of identity and access management solutions, has secured a $1.5 million contract with a long-standing financial services client for the continued use and expansion of its biometric identification technology. The two-year, prepaid agreement will support the client's growing need for secure customer identification, serving over 25 million clients with an expected annual user growth of 12% over the next year.
The technology from BIO-key, which includes passwordless and token-less biometric authentication, has been in use by the client for over eight years, with enrollments increasing to more than 3.5 times the initial count. The contract, which is primarily composed of subscription fees for the existing client base, also accounts for the anticipated growth in the first year. Future payments will be determined by user increase in the second year.
Jim Sullivan, BIO-key's SVP of Strategy and CLO, commented on the expanded scope of deployment, highlighting the client's leadership in employing biometrics to protect against identity theft and fraud. Sullivan expressed pride in the company's long-term relationship with the client, which is now the largest bank in their country, and BIO-key's commitment to delivering efficient and secure solutions.
BIO-key's offerings are designed to provide secure and convenient access to computers, information, and transactions, catering to over thirty-eight million users worldwide. The company's PortalGuard IAM solution, which can be hosted or deployed on-premise, emphasizes ease of deployment and cost-effectiveness.
This announcement is based on a press release statement from BIO-key International, Inc.
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