Ipsidy has issued its corporate update for 2020, illustrating the negative impact of COVID-19.
The biometrics-focused identity specialist reports the revenues for the year ended December 31, 2020, were down from $2.6 million in 2019 to $2.1 million in 2020. Its net loss, meanwhile, went from $10.5 million in 2019 to $11.3 million last year.
In announcing the results, Ipsidy noted that social distancing and stay-at-home mandates imposed in the wake of COVID-19 had prompted the need for greater online security across a number of organizations, resulting in increased demand for Ipsidy’s Identity-as-a-Service solutions. Nevertheless, it appears that Ipsidy did not see the spike in revenues that some other biometrics specialists have reported as a result of these trends.
Still, in commenting on the results, Ipsidy Chairman and CEO Phillip Kumnick painted a picture of a company that has rapidly adapted to the pandemic situation in addressing a booming market.
“In 2020, we strengthened our management team, reduced our expenses, and quickly adapted to work-from-home restrictions imposed in response to the pandemic,” he said. “We also saw increasing demand for our biometric identity services, as organizations accelerated efforts to deliver services online, while avoiding the increased risk of identity fraud.”
Kumnick went on to note that Ipsidy had also expanded its global partner network in 2020. This effort included an important alliance with LoginID, an agreement with IECISA (now Inetum), and deals with undisclosed partners in financial services and identity and age verification.
Ipsidy executives will further discuss the company’s results at Ipsidy’s Annual Meeting on March 22, 2021.
March 9, 2021 – by Alex Perala