Business
BIO-key Completes Acquisition of Swivel Secure Europe, Significantly Expanding its Revenue Base, Customer Reach and Talent in Europe, Middle East and Africa
MADRID, Spain and WALL, N.J., March 09, 2022 (GLOBE NEWSWIRE) -- BIO-key International, Inc. (NASDAQ: BKYI), an innovative provider of workforce and customer
About this update from Bio-key International, Inc.
[{"type":"text","content":"MADRID, Spain and WALL, N.J., March 09, 2022 (GLOBE NEWSWIRE) -- BIO-key International, Inc. (NASDAQ: BKYI), an innovative provider of workforce and customer identity and access management (IAM) and Identity-Bound Biometric (IBB) solutions, today announced that it has completed the acquisition Swivel Secure Europe, S.A (SSE), a privately-held IAM solutions provider based in Madrid, Spain that serves European, Middle East and African (EMEA) markets. SSE generated approximately $3.1M in revenue and $578K in operating income in calendar 2021. SSE has a five-year exclusive distribution agreement for Swivel Secure Limited’s software solutions in all EMEA markets outside of the United Kingdom. Alex Rocha, the CEO and former sole stockholder of SSE, will continue to manage day to day operations at SSE reporting directly to BIO-key’s Chairman & CEO. The acquisition provides BIO-key with a ten member sales and support team with extensive customer and industry relationships throughout the EMEA region with offices in Madrid, Lisbon and UAE. SSE also brings technology partnerships with SAP, SailPoint and Red Hat, and global reseller partner relationships with Arrow, Deloitte, Accenture, Logicalis, IBM, Telefonica and Wipro. “Swivel Secure significantly strengthens BIO-key’s presence and potential reach across Europe, the Middle East and Africa during an unprecedented period of cybersecurity threats and attacks,” said BIO-key Chairman & CEO Michael DePasquale. “We are excited to bring our award-winning, cost-effective and easy to deploy portfolio of IAM and identity-bound biometric solutions to serve the needs of current and future customers across EMEA markets.” “BIO-key is a respected leader in identity and access management and civil identification in the North America, Africa and Asia,” said Mr. Rocha. “We’re excited to join forces with BIO-key to leverage our mutual strengths across a broader global footprint. Swivel Secure has longstanding relationships with over 300 customers in similar and complementary verticals including education, government, banking, finance, healthcare and manufacturing. Through this combination, we will be able to deliver improved capabilities and service levels for customers on a global basis.” The need for multi-factor authentication (MFA) is significant in the EMEA, where enterprises require the ability to f...