Business
Identity and Access Management Solutions Provider BIO-key’s Q4 Revenues Doubled to $1.1M and 2020 Revenues Rose 25% to $2.8M; Enters 2021 with $17M in Cash to Support Global Growth Initiatives; Investor Call Today at 10am ET
WALL, N.J., March 25, 2021 (GLOBE NEWSWIRE) -- BIO-key International, Inc. (Nasdaq: BKYI), an innovative provider of biometric and multi-factor identity and
About this update from Bio-key International, Inc.
[{"type":"text","content":"WALL, N.J., March 25, 2021 (GLOBE NEWSWIRE) -- BIO-key International, Inc. (Nasdaq: BKYI), an innovative provider of biometric and multi-factor identity and access management (IAM) solutions for strong, convenient user authentication and large-scale identity applications, today reported results for its fourth quarter (Q4’20) and year ended December 31, 2020 (FY’20) and provided an initial outlook for 2021. BIO-key will host a conference call today at 10:00 a.m. ET (details below) to review its results and outlook. 2020 Highlights: BIO-key completed a recapitalization in 2020 to support accelerated growth, ending the year with $19.0M of current assets, including $17.0M of cash equivalents ($2.17 per share).BIO-key acquired PortalGuard® developer PistolStar, on June 30, 2020, enhancing its solutions suite, customer reach, leadership team, and global market opportunity. PortalGuard is a multifactor authentication and single sign-on platform deployed by hundreds of global customers and millions of end users, with particular strength in online education environments.BIO-key Launched its PortalGuard IDaaS (Identity-as-a-Service) Cloud-based Authentication Solution in November 2020.Q4’20 revenue rose to $1.1M or 99% over Q4’19 revenue of $0.5M.2020 revenue rose 25% to $2.8M versus $2.3M in 2019. Recent Highlights: March - BIO-key began initial technology deployments for its Large-Scale ID Projects in Africa; expects revenue of $500K in Q1’21. February - BIO-key Expanded its Partner-Centric Channel Alliance Program.February - West Coast State Increased Deployment of BIO-key’s Biometric Authentication Solution for Centralized Voter Registration.February - BIO-key Partnered With Appsian to Provide Advanced Authentication Security to Enterprise Resource Planning (ERP) Applications.January - BIO-key Partnered with Managed Security Service Provider NGEN to Deliver PortalGuard Cloud Solution to Commercial and Government Customers.January - Southeastern Illinois College Selected BIO-key's Cloud-Based PortalGuard® for Secure Authentication.January - U.S. Department of Justice Division Leveraged PortalGuard for Secure Authentication. BIO-key CEO Michael DePasquale commented, “2020 was a transformational year for BIO-key as we achieved pivotal milestones despite COVID-19 related challenges and disruptions. Business development activity was somewh...