Imageware‘s largest shareholder, Nantahala Capital Management, has demonstrated a strong show of faith in the biometrics specialist with a new bridge facility agreement. The facility will provide Imageware with $2.5 million in capital.
In a statement announcing the agreement, Imageware explained that the facility “will allow Imageware and its stakeholders to continue to evaluate and pursue a strategic path that will best position the Company for the future.”
The announcement comes after Imageware’s announcement of a strategic review of the company last summer, a move undertaken after CEO Kristin Taylor made a number of transformative changes to the company after her appointment to the role in early 2020. Imageware retained the services of Imperial Capital to conduct the review shortly after partnering with Gateway Investor Relations to develop an investor relations program for the company.
Commenting on the new bridge facility agreement, Taylor called it “a positive step forward for our business as it provides additional funding in the short-term to ensure that we can reach the best long-term solution for our business,” adding, “I am confident the steps we are taking now will position us well for years to come.”
The agreement arrives soon after Imageware won its largest Software-as-a-Service contract to date last month. King Country Washington awarded the $1.5 million contract to Imageware to retain the use of its Imageware Investigate solution, which will help its force of about 700 law enforcement officers to perform biometric searches through a range of devices, from desktop computers to mobile handhelds.
The project will also see King County use the Imageware Authenticate app to access its databases of 13 million criminal records, which Imageware agreed to transfer from King County’s on-premises servers to the Imageware Law Enforcement 2.0 servers hosted in the Amazon Web Services GovCloud.
Commenting on the King County agreement, Imageware Product Management & Sales SVP AJ Naddell said the company sees “numerous opportunities to deploy this solution with other law enforcement agencies throughout the U.S. as well as international markets,” adding that the company has “an exciting 2022 in store”.
January 5, 2022 – by Alex Perala