BIO-key International Inc. (OTCQB:BKYI) is a key player in the biometric sector. The field is gaining grounds as traditional methods of authentication and data security are failing at alarming speed. A recent spate of hacks and data breaches have further highlighted the need for biometric systems.
BIO-key International develops cryptographic authentication-transaction security technologies and fingerprint biometric technologies. It also provides biometric security solutions to various industries including financial services, public infrastructure and utilities.
The company announced the morning further details about its new products including a mobile wearable USB fingerprint reader, which it plans to unveil at the Consumer Electronics Show in Las Vegas. The show is scheduled to be held from January 5-8 of the coming year.
The fingerprint reader works with Windows and is designed for users who want to use the robustness of biometric security in a convenient way. Since the device is mobile and wearable, it can be used on different machines and thus is more user-friendly and cost-efficient.
The company has a wide range of such readers including Bluetooth enabled TouchLock BLE™, which can be maneuvered through a smartphone. Another variant is SidePass which provides a durable yet compact device for fingerprint reading.
BIO-key International will also release Android compatible, Micro USB enabled Q-180 Touch. With its extensive range, the company is set to cater to a wide segment of the market.
BIO-key International already has Windows 10 compatible compact fingerprint devices on the market. The company had started shipping those products earlier this year and thus already has a set market for its upcoming devices.
The company recently also announced capturing a $1.1-million Enterprise Biometric Subscription Contract from a leading Fortune 500 company. The contract involves the software subscription as well as the initial sales of the company’s fingerprint readers. It is likely that the collaboration may result in additional revenue beyond the one mentioned in the agreement.
BIO-key International is looking to book the revenue from the above said contract in the quarter ending on December 31. It is expected to provide a solid boost to the company’s bottom line. The company is expected to perform well in this hot market as its products are device agnostic and thus may be used on different machines.
BIO-key International stock has performed well this year with the stock being up over 36% in 2016 so far. However, it declined 12% in the past month, thus offering an attractive opportunity to pick up shares at a discount.
