- Email: [email protected]
Bioscrypt buys Cognizance
BUSINESS WATCH
company news • Veridicom International has announced that MCP Asia Ltd, an investment and consulting firm from Hong Kong, together with Fook Vo Holding Ltd based in Macau, are in discussions to provide Veridicom with marketing and sales services in the Hong Kong, Macau and China regions. MCP Asia Ltd and Fook Vo made strategic investments in Veridicom and established an equity position in the company in a transaction valued at one million US dollars. Meanwhile Veridicom International also announced it has appointed two new European representatives (in Switzerland and Germany) to expand its presence in the European marketplace. • FaceKey Corporation, a provider of biometric technology for access control, has signed a reseller agreement with Concepts for Creation Technology Innovations (CFCTI). CFCTI is a provider of IT integration and professional services to both the commercial and government sectors within the State of Texas. CFCTI will become a reseller for FaceKey’s complete line of biometric products. • ImageWare Systems has entered into a three-year agreement with Australian biometric company Argus Solutions for the exclusive distribution of ImageWare's biometric engine, law enforcement and secure credential solutions in the AsiaPacific region, excluding Japan and Korea. Under the terms of this agreement, Argus will purchase a minimum of US$1.4 million of ImageWare products over the next 12 quarters, as well as integrate ImageWare’s IWS Biometric Engine into its product offerings. As part of the strategic partnership, Argus acquired ImageWare's wholly-owned Singapore subsidiary, Digital Imaging Asia Pacific for US$1.3 million in cash. In addition, Argus and ImageWare will purchase US$250,000 of each other’s common stock.
6
company news
AuthenTec opens Asia R&D The world’s largest silicon fingerprint sensor supplier AuthenTec is expanding its worldwide operations by 50%, a move that includes the opening of a research and development centre in China. The company said its decision was prompted by the growing international demand for fingerprint sensors. This increase is in addition to a 20% expansion already announced late in 2004. As well as the R&D facility, the decision to expand will see the addition of both technical and marketing staff, as well as the opening of new offices in the USA, Europe and Asia. The company’s multi-million dollar biometrics research and development centre – the AuthenTec-Shanghai Development Centre – will initially include a staff of 15 and facilities for product development, product localization, product knowledge and development services, and applications engineering support. On the product development side, the centre will focus on enhancing AuthenTec's overall product offerings for the PC and cell phone markets. In the USA, AuthenTec will open a new office in San Jose, California, and expand its marketing and technical facilities in Central Florida beginning in March. In Asia, AuthenTec will open the R&D centre (which will also serve as the regional headquarters), as well as multiple marketing and customer technical support offices in Japan, Korea, Taiwan and China. In Europe, AuthenTec recently opened an office in Germany, named a new director of European operations, and announced plans to further expand its presence throughout the region to meet the growing demand for biometrics there. In addition to its company operations, AuthenTec also said it is continuing to expand its worldwide network of dealers, representatives and supplier partners who provide marketing and technical support for the company’s growing base of customers. Contact: Jim Burke at AuthenTec, Tel: +1 321 308 1320, email: [email protected]
acquisition
Bioscrypt buys Cognizance Bioscrypt has completed its acquisition of Cognizance, a privately-held company headquartered in Dublin, California. Cognizance is a developer of enterprise security products with the focus on identity management. The company's main product is
the Cognizance Identity and Access Management Suite. The US$7 million deal will predominantly be financed through the issuance of approximately 3.7 million shares (having a value of US$6.05 million) and the payment of US$0.5 million of cash. If the Cognizance business reaches certain financial targets, up to US$5 million of further shares could become payable in 2006. According to Robert Williams, president and CEO of Bioscrypt: “The acquisition of Cognizance extends our ability to generate high margin licensing revenue. In July of last year, we partnered with Cognizance and became a reseller of their technology to further our Door to Desktop strategy, as Cognizance provided the required desktop credential management software application. As a united organisation, we will generate significant licensing revenue in 2005 and be in position to further our licensing revenue growth for many years to come.” Contact: Matthew Bogart at Bioscrypt, Tel: +1 905 624 7717, email: [email protected]
financials
Saflink triples its revenues Saflink, a developer of biometric security solutions and smart cards, has reported its annual results ended 31 December 2004, showing a tripling of revenue to US$6.4 million compared with US$2 million made in 2003. Despite the revenue gains the company reported a net loss of US$18.1 million, or US$0.36 per share, for 2004, as compared to a net loss of US$10.7 million, or $0.42 per share, for fiscal 2003. Glenn Argenbright, president and CEO of SAFLINK commented: “2004 was a pivotal year for Saflink from a strategic perspective. Prior to entering the year, we identified the key technology components that we believed would garner the greatest sales opportunities for the company in the long run. We then set out and acquired those components such as physical access, smart card middleware and PKI technologies. Combined with our biometric expertise and middleware, we believe we have been able to assemble a suite of solutions that is helping define the emerging market known as credentialing.” Backing up Argenbright’s claims, Saflink was able to secure a position on two major US government programmes over the last year, namely the US-VISIT scheme and the Transportation Security Administration's TWIC project. Contact: Jon Engman at Saflink, Tel: +1 800 762 9595
Biometric Technology Today • April 2005
company news • Veridicom International has announced that MCP Asia Ltd, an investment and consulting firm from Hong Kong, together with Fook Vo Holding Ltd based in Macau, are in discussions to provide Veridicom with marketing and sales services in the Hong Kong, Macau and China regions. MCP Asia Ltd and Fook Vo made strategic investments in Veridicom and established an equity position in the company in a transaction valued at one million US dollars. Meanwhile Veridicom International also announced it has appointed two new European representatives (in Switzerland and Germany) to expand its presence in the European marketplace. • FaceKey Corporation, a provider of biometric technology for access control, has signed a reseller agreement with Concepts for Creation Technology Innovations (CFCTI). CFCTI is a provider of IT integration and professional services to both the commercial and government sectors within the State of Texas. CFCTI will become a reseller for FaceKey’s complete line of biometric products. • ImageWare Systems has entered into a three-year agreement with Australian biometric company Argus Solutions for the exclusive distribution of ImageWare's biometric engine, law enforcement and secure credential solutions in the AsiaPacific region, excluding Japan and Korea. Under the terms of this agreement, Argus will purchase a minimum of US$1.4 million of ImageWare products over the next 12 quarters, as well as integrate ImageWare’s IWS Biometric Engine into its product offerings. As part of the strategic partnership, Argus acquired ImageWare's wholly-owned Singapore subsidiary, Digital Imaging Asia Pacific for US$1.3 million in cash. In addition, Argus and ImageWare will purchase US$250,000 of each other’s common stock.
6
company news
AuthenTec opens Asia R&D The world’s largest silicon fingerprint sensor supplier AuthenTec is expanding its worldwide operations by 50%, a move that includes the opening of a research and development centre in China. The company said its decision was prompted by the growing international demand for fingerprint sensors. This increase is in addition to a 20% expansion already announced late in 2004. As well as the R&D facility, the decision to expand will see the addition of both technical and marketing staff, as well as the opening of new offices in the USA, Europe and Asia. The company’s multi-million dollar biometrics research and development centre – the AuthenTec-Shanghai Development Centre – will initially include a staff of 15 and facilities for product development, product localization, product knowledge and development services, and applications engineering support. On the product development side, the centre will focus on enhancing AuthenTec's overall product offerings for the PC and cell phone markets. In the USA, AuthenTec will open a new office in San Jose, California, and expand its marketing and technical facilities in Central Florida beginning in March. In Asia, AuthenTec will open the R&D centre (which will also serve as the regional headquarters), as well as multiple marketing and customer technical support offices in Japan, Korea, Taiwan and China. In Europe, AuthenTec recently opened an office in Germany, named a new director of European operations, and announced plans to further expand its presence throughout the region to meet the growing demand for biometrics there. In addition to its company operations, AuthenTec also said it is continuing to expand its worldwide network of dealers, representatives and supplier partners who provide marketing and technical support for the company’s growing base of customers. Contact: Jim Burke at AuthenTec, Tel: +1 321 308 1320, email: [email protected]
acquisition
Bioscrypt buys Cognizance Bioscrypt has completed its acquisition of Cognizance, a privately-held company headquartered in Dublin, California. Cognizance is a developer of enterprise security products with the focus on identity management. The company's main product is
the Cognizance Identity and Access Management Suite. The US$7 million deal will predominantly be financed through the issuance of approximately 3.7 million shares (having a value of US$6.05 million) and the payment of US$0.5 million of cash. If the Cognizance business reaches certain financial targets, up to US$5 million of further shares could become payable in 2006. According to Robert Williams, president and CEO of Bioscrypt: “The acquisition of Cognizance extends our ability to generate high margin licensing revenue. In July of last year, we partnered with Cognizance and became a reseller of their technology to further our Door to Desktop strategy, as Cognizance provided the required desktop credential management software application. As a united organisation, we will generate significant licensing revenue in 2005 and be in position to further our licensing revenue growth for many years to come.” Contact: Matthew Bogart at Bioscrypt, Tel: +1 905 624 7717, email: [email protected]
financials
Saflink triples its revenues Saflink, a developer of biometric security solutions and smart cards, has reported its annual results ended 31 December 2004, showing a tripling of revenue to US$6.4 million compared with US$2 million made in 2003. Despite the revenue gains the company reported a net loss of US$18.1 million, or US$0.36 per share, for 2004, as compared to a net loss of US$10.7 million, or $0.42 per share, for fiscal 2003. Glenn Argenbright, president and CEO of SAFLINK commented: “2004 was a pivotal year for Saflink from a strategic perspective. Prior to entering the year, we identified the key technology components that we believed would garner the greatest sales opportunities for the company in the long run. We then set out and acquired those components such as physical access, smart card middleware and PKI technologies. Combined with our biometric expertise and middleware, we believe we have been able to assemble a suite of solutions that is helping define the emerging market known as credentialing.” Backing up Argenbright’s claims, Saflink was able to secure a position on two major US government programmes over the last year, namely the US-VISIT scheme and the Transportation Security Administration's TWIC project. Contact: Jon Engman at Saflink, Tel: +1 800 762 9595
Biometric Technology Today • April 2005