BIO-key to Acquire IAM/SSO Specialist in $2.5M Deal

“The platform is already compatible with BIO-key’s fingerprint-based biometric authentication solutions, and also supports authentication factors associated with Windows Hello, FIDO/WebAuthn security keys, among others.”

BIO-key has announced a definitive agreement to purchase PistolStar, a provider of on-premise identity and access management solution for large enterprises.

The latter firm will be purchased for $2.5 million, with PistolStar’s founder to take on a consulting role with BIO-key after the acquisition.

In a statement announcing the acquisition, BIO-key asserted that it “will be immediately accretive to both revenue and operating income” after the deal closes. The company noted that PistolStar’s 2019 revenues amounted to $1.65 million.

BIO-key added that PistolStar’s flagship product, PortalGuard, is used for multi-factor and Single Sign On authentication by hundreds of clients and millions of end users around the world. The platform is already compatible with BIO-key’s fingerprint-based biometric authentication solutions, and also supports authentication factors associated with Windows Hello, FIDO/WebAuthn security keys, among others.

“PortalGuard and BIO-key will allow enterprises to leverage whatever legacy authenticators they have, and then elevate their capabilities using biometrics where it makes sense,” commented BIO-key CEO Michael DePasquale, adding that in addition to improving BIO-key’s income, the integration of PistolStar brings the benefit of “enhancing our suite of solutions to include an IDaaS and significantly expanding our global sales potential, while reducing time to value.”

News of the deal arrives about a month after BIO-key’s announcement that it had raised over $2 million through the sale of a secured note to Lind Global Macro Fund. The acquisition is being funded through on-hand capital, an escrowed deposit, a 12-month promissory note, and other short-term financing, and is expected to close by the end of the second quarter of this year.

–

June 10, 2020 – by Alex Perala

Related News

Partners

FaceTec’s patented, industry-leading 3D Face Verification and Reverification software anchors digital identity, creating a chain of trust from user onboarding to ongoing authentication on all modern smart devices and webcams. FaceTec’s 3D FaceMaps™ finally make trusted, remote identity verification possible. As the only technology backed by a persistent spoof bounty program and NIST/iBeta Certified Liveness Detection, FaceTec is the global standard for 3D Liveness and Face Matching with millions of users on six continents in financial services, border security, transportation, blockchain, e-voting, social networks, online dating and more. www.facetec.com

AuthenticID provides 100% automated identity verification and fraud detection solutions that are leveraged by companies worldwide, including 2 of the top 3 U.S. Banks, 8 out the top 10 wireless providers in North America, and 2 of the 3 credit bureaus. Using proprietary computer vision and machine learning technology, these solutions help companies accurately verify the identity of their users across retail, digital and call center environments for onboarding and ongoing re-authentication events; KYC, IAM, and more. The solutions are easy to integrate and provide customers a large ROI by stopping fraud losses, increasing customer conversion at onboarding, reducing operational costs and allowing quick and cost-effective operational scalability, all while ensuring global privacy regulations are complied with. https://www.authenticid.com/

Anonybit is a privacy-focused technology platform that provides decentralized solutions for securing personal data, particularly biometric information. Rather than storing sensitive data in centralized repositories, which are vulnerable to breaches, Anonybit uses a distributed architecture that breaks data into smaller encrypted bits and stores them across a network of decentralized nodes. This approach ensures that no single entity has access to the full dataset, enhancing privacy and security, even preventing insider threats. Anonybit is used by leading banks, fintechs and other enterprises for critical biometric identity functions like deduplication and blocklist checks, step up authentication, passwordless login and account recovery https://anonybit.io/

Identity Week aims to be a significant identity industry catalyst. It’s our mission is to help accelerate the move towards a world where trusted identity solutions enable governments and commercial organisations to provide citizens, employees, customers and consumers with a multitude of opportunities to transact in a seamless, yet secure manner. All the while preventing the efforts of those intent on doing harm. https://identityweek.net/

The Biometric Digital Identity Prism is a market landscape framework designed to help influencers and decision makers understand, innovate, and implement digital identity technologies and solutions. This innovative framework for understanding and evaluating the rapidly evolving biometric digital identity marketplace is the only market model that is truly biometric-centric based on the foundational conviction that in the age of digital transformation the only true, reliable link between humans and their digital data is biometrics. https://www.the-prism-project.com

ID R&D is an innovator of biometric facial liveness, document liveness, and voice biometrics. Ranked #1 by NIST, our patented passive approach to liveness, and specialized detection of voice clones, injection attacks and deepfakes, empowers KYC and authentication systems with fast, accurate and secure biometric verification technologies. Over 140 partners in more than 70 countries are collectively processing hundreds of millions of identity checks per year. ID R&D solutions easily integrate with mobile, web, messaging, smart speakers, set-top boxes, and IoT devices. Learn more: www.idrnd.ai

“The platform is already compatible with BIO-key’s fingerprint-based biometric authentication solutions, and also supports authentication factors associated with Windows Hello, FIDO/WebAuthn security keys, among others.”

Related News

Footer

Follow Us