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Ipsidy sees revenue climb in 2018 thanks to sales of biometric security products

Last year, Ipsidy’s revenue climbed to $3.8 million, up from $2.3 million in 2017
computer security program
Last year, Ipsidy also secured about $9.6 million of additional equity investment

Ipsidy Inc (OTCQX:IDTY), the biometric security specialist, saw its revenue jump in 2018 as it moved ahead with sales of its suite of biometric security products.

On its list of achievements last year was the rollout of its security program Verified, which authenticates account access requests as well as business transactions using biometric technology on mobile devices, in Panama with Datapro and Unibank.

 

This biometric multi-factor authentication system was integrated into Datapro’s e-IBS core banking software, which makes it available to the more than 160 financial institutions in 31 countries who use Datapro’s hosted software.

READ: Ipsidy shares climb after announcing mobile proof-of-identity solution using biometrics

It also launched Access, a program which protects the perimeters of buildings or public events using just a tablet and a Bluetooth beacon.  Thanks to an agreement with Ayonix Face Technologies, Access, a mobile biometric tracking system, will adopt the high-speed performance and detection capabilities of Ayonix’s 3D facial recognition technology.

 

“We have made tremendous strides over the course of 2018. We are firmly on the road towards achieving our strategic objectives,” said Philip Beck, chairman and CEO of Ipsidy in a statement. “Our identity platform offers a suite of mobile biometric services that our customers can use across multiple use cases to seamlessly create trusted transactions, with a common user experience when delivered through the Ipsidy mobile identity application. We look forward to more customers and users and to growing our platform revenue over the coming quarters.”

Revenue climbs

Last year, Ipsidy’s revenue climbed to $3.8 million, up from $2.3 million in 2017. The company’s net loss also shrank to $10 million compared to a net loss of $17.5 million in 2017, when there was a negative impact of $4.1 million from the elimination of debt and modification of warrants.

Last year, Ipsidy also secured about $9.6 million of additional equity investment and prepaid $1.2 million of debt and interest. Its cash position also nudged up to $4.97 million at the close of last December from $4.41 million in the year-ago period.

Separately, Ipsidy has added to its engineering, quality assurance, operations and sales and marketing teams.

It has also signed additional resellers to market its Access and Verified programs in the US, the Caribbean and Peru.

READ: Ipsidy reports rise in 3Q revenue thanks to contract with the Zimbabwe Electoral Commission

In addition to its Verified and Access programs, Ipsidy has developed Proof, a remote identity proofing solution that uses government-issued credentials combined with real-time biometrics. Another of its offerings is Transact, a digital issuance, mobile payment and customer loyalty platform that supports networks of agents, merchants and consumers who can accept and perform transactions using closed-loop payment cards.

Headquartered in Long Beach, New York, Ipsidy operates an Identity as a Service (IDaaS) platform that delivers a suite of biometric identity security programs. Its subsidiaries outside the US include MultiPay in Colombia, Cards Plus in South Africa and Ipsidy Enterprises in the UK.

Contact Ellen Kelleher at [email protected]

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