Ipsidy Inc (OTCQB:ITDY), a company operating an identity-as-a-service (IDaaS) platform of biometric identity solutions, reported growing revenue and a narrowing adjusted loss in the first quarter.
The company posted revenue of $800,000 for the three-month period ended March 31, compared to $700,000 in the same period in 2019. Adjusted loss dropped to $1.3 million, $0.01 per share, from $1.6 million, $0.00 per share, over the same period.
Due to the coronavirus, Ipsidy’s net loss was $2.3 million, $1.8 million of which was due to the impact of COVID-19 on its South African business.
READ: Ipsidy says it made steady progress in building ‘trusted identity’ in 2019, sees remote working opportunities
Ipsidy has two main IDaaS offerings: Proof, which can verify identity and Verified, which can authenticate transactions.
Since the beginning of 2020, the company said, Ipsidy has made strides in expanding its trusted identity strategy and enhancing its products. To that end, the company expanded Proof to include validation of US, Canadian and Mexican driver’s licenses against a trusted database. Integrating that with its existing facial biometric services gives North American business a higher level of identity assurance, the company said.
“Recent developments have only highlighted the expanding need for remote onboarding of users, verifying identity and authenticating transactions everywhere,” CEO Philip Beck said in a statement. “The Ipsidy team continues to work on closing opportunities in the [Europe, the Middle East and Africa], [Latin America] and US regions, with a focus on the financial, telecommunication and logistics sectors.”
During the quarter, the company signed a deal with Temenos SA, which provides banking software to 41 of the world’s top 50 banks. The deal will integrate Ipsidy’s platform into the Temenos banking system and see the company become a member of the Temenos MarketPlace, which provides financial institutions with access to fintech solutions.
The company also reached reseller and technology deals with a provider of North American driver’s license authentication and age verification as well as with the Peruvian subsidiary of a major international conglomerate which provides information technology services in 11 European countries and the Latin America Caribbean region.
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