Business
authID Momentum Drives 300% Increase in Quarter over Quarter Sales
New sales team secures over $1 Million in aggregate BARR DENVER, Oct. 04, 2023 (GLOBE NEWSWIRE) -- authID® [Nasdaq: AUID], a leading provider of innovative
About this update from Authid Inc.
[{"type":"text","content":"New sales team secures over $1 Million in aggregate BARR DENVER, Oct. 04, 2023 (GLOBE NEWSWIRE) -- authID® [Nasdaq: AUID], a leading provider of innovative biometric identity verification and authentication solutions, today announced that it signed new customer contracts preliminarily valued at over $1 million in aggregate Booked Annual Recurring Revenue or BARR (as defined below) during the quarter ended September 30, 2023. These bookings represent more than four times the highest total gross BARR that authID had previously reported in a single quarter. Highlights of the Company’s secured contracts include a major money services company that will use authID’s biometric platform for identity verification, a digital bank that will leverage authID to secure online account opening, and a healthcare services provider that needs to validate the identity of incoming patients. authID was also successful in signing several renewals with existing customers, which are not counted towards BARR. authID’s document-based identity verification streamlines online onboarding and eliminates fraud with quick 700ms identity verification processing that includes automated authentication of over 12,000 US and international government-issued ID documents, PAD Level 2 liveness confirmation, anti-spoofing checks, and facial biometric matching of a selfie to the credential photo. authID can also orchestrate additional identity verification services to ensure it’s really the intended user, and not an imposter. authID’s patented identity platform then extends the value of that biometric root of trust to subsequently authenticate users with FIDO2 passwordless login and a quick selfie, making their entire journey fast, accurate, and friendly, while stopping fraud and account takeover. Today, friction-filled one-time passwords, PINs, and other difficult processes result in troublesome authentication experiences that increase enterprise risk, waste support staff resources, and cause user abandonment. Instead, authID rapidly and securely connects trusted users with their digital resources, keeping the enterprise safe from phishing and fraud. “I am extremely pleased with the strong market momentum we achieved in the third quarter by securing contracts estimated at over $1 million in aggregate BARR,” said Rhon Daguro, CEO of authID. “With these customer wins, we ...