BIO-key Scores $1.1 Million Contract From Fortune 500 Customer

BIO-key has won a $1.1 million contract for use of its biometric authentication platform, referring to its new client as “a leading Fortune 500 customer” in a statement announcing the deal. The company’s biometric platform will be used to authenticate “several hundred thousand of the customer’s personnel worldwide.”BIO-key Scores $1.1 Million Contract From Fortune 500 Customer

BIO-key has not disclosed the length of the $1.1 million contract, but said that it expects to begin generating revenues from the deal in the current fiscal quarter. It also anticipates orders for its USB fingerprint readers, “with significant additional scanner orders anticipated as the customer expands their deployment.” Given the number of end users expected to authenticate via BIO-key’s platform, there appears to be a considerable sales opportunity with respect to BIO-key’s hardware.

Commenting on the deal, BIO-key CEO Mike DePasquale called it “the first large-scale subscription win for our enterprise biometric solutions,” adding that he and his team “look forward to building upon this initial relationship” going forward.

The new contract follows soon after last month’s announcement that BIO-key has signed on a major new distributor in the APAC region, suggesting building momentum for the company as it closes out the year.

December 15, 2016 – by Alex Perala