Latest BIO-key Orders Come In Over $10M

“BIO-key said that the orders are expected to bring in $5 million in revenues in the current quarter, with the remainder to arrive in the next 12 months.”

BIO-key has received a couple of big new orders for its biometric authentication solutions, totaling over $10 million, the company has announced.Latest BIO-key Orders Come In Over $10M

The orders are from two companies based in Hong Kong. In a statement announcing the deals, BIO-key did not name the clients, but explained that they are “focused on the technology and financial services industries in Asia,” and will use BIO-key’s WEB-key platform to secure transactions on mobile devices and to regulate access to company data, adding, “The orders take advantage of mobile security technology previously licensed.”

BIO-key said that the orders are expected to bring in $5 million in revenues in the current quarter, with the remainder to arrive in the next 12 months.

Commenting on the deals, BIO-key CEO Mike DePasquale emphasized their importance with respect to the company’s broader strategic effort to target the Asia market. “Since starting operations in the Asia Pacific Region in 2016 we are pleased to have closed the first orders that will utilize our software for multi-factor authentication,” he said, adding later that “this is the first step in addressing enterprise and consumer security in one of the fastest growing regions of the world.”

November 15, 2018 – by Alex Perala