In addition to its new management, AuthID has introduced a novel accounting term to help illustrate its momentum in the second quarter of 2023. The company says that it signed multiple new contracts amounting to “an estimated aggregate Booked Annual Recurring Revenue or BARR” of about $239,000 during the period.
The undisclosed clients include a Fortune 500 company with more than 100,000 employees, a US financial institution, and an international recruitment platform — all of which saw the appeal of AuthID’s authentication and identity verification platform, which revolves around the use of facial recognition to remotely match an end user’s selfie photo to their official ID. They each leveraged AuthID’s “Verified” platform to meet their own particular needs.
As AuthID explains, its Fortune 500 client was seeking a solution to enable secure workforce access to shared assets. The American financial firm, meanwhile, needed a remote onboarding system that would detect any potential fraudsters; and the recruitment platform needed a solution to verify the identities of new hires and confirm the authenticity of their documentation.
The news comes after AuthID’s corporate overhaul announced in March, which saw the company establish a new funding arrangement with longtime shareholder Stephen J. Garchik, alongside the installation of four new board members and, ultimately, a new CEO in former Socure executive Rhon Daguro.
“These customer wins validate the demand for our strong identity verification and authentication products and represent the highest total BARR in sales that authID has achieved in a single quarter to date,” the chief executive said in announcing the Q2 wins. “We are dedicated to our mission – to deliver the best identity solution in the market that eliminates authentication fraud, offers zero trust protection, and provides the fastest and most accurate user experience.”
The new bookings came during a quarter in which AuthID also successfully closed an $8.2 million registered direct offering of common stock and concurrent private placement, infusing the company with capital that Daguro explained would be used ““to pursue the development of identity services to the next generation Web 3.0 architecture.”
July 6, 2023 – by Alex Perala