ImageWare Systems, Inc. (OTCQB: IWSY) is a leading developer of mobile and cloud-based identity management solutions – including biometric, secure credential and law enforcement technologies. The company’s fully-scalable biometric product line delivers multi-modal identity management capabilities for user authentication both on premises and in the cloud. Through its GoCloudID® and GoMobile Interactive® offerings, ImageWare provides customers in a collection of markets an innovative approach to easily adding a secure layer of biometric authentication to a variety of platforms and services.
In recent months, ImageWare has targeted large IT service providers in order to maximize its market presence moving forward. Through this strategy, the company has formed significant relationships with a collection of major industry players and promising startups – including Fujitsu, TransUnion, CA Technologies, IBM, Deutsche Telekom, Agility and Extenua. While these partners remained in the testing and implementation phase of adopting ImageWare’s identity management solutions throughout the first quarter of 2015, the company’s management team is optimistic about the opportunities these relationships could present in the future.
“While we certainly expected some of these agreements to be producing revenues today, it is important to note that we are dealing with large organizations that are thoughtful and methodical about the rollout of our transformational software,” Jim Miller, chairman and chief executive officer of ImageWare, stated in a news release. “As such, we remain undeterred by the pace of the rollout and steadfast in our goal to transform ImageWare in to a commercial-based provider of biometrics-as-a-service – a transition we expect to drive significant shareholder value.”
In addition to this progress, ImageWare completed its first SaaS installation and initiated revenue generation on a per transaction basis with its GoCloudID product in the first quarter. GoCloudID differentiates itself from the competition as the only hosted biometric identity management solution on the market that allows for easy adoption with no start-up costs. The system, which was deployed for the Baja California driver’s license program, is expected to provide fingerprint and facial recognition biometrics for more than 80,000 current users as well as support the production of additional users at a rate of nearly 20,000 per month.
For prospective investors, the company’s recent actions could set the stage for sustainable returns in the months to come. Look for ImageWare to leverage its existing industry partnerships in order to promote improved financial results in the future.
For more information, visit www.iwsinc.com
