BIO-key Receives $1.5M Pre-Paid, Two-Year Software Subscription Order For Its Biometric Identification Platform; Contemplates ~12% Annual Growth In Users Over The Next Year
Portfolio Pulse from Benzinga Newsdesk
BIO-key International, Inc. (NASDAQ:BKYI) announced a $1.5 million two-year, pre-paid software subscription order from a long-term financial services customer for its biometric identification technology. This agreement, which anticipates about 12% annual growth in users, builds on eight years of strong client enrollment growth. The technology enhances client identification security for over 25 million clients. Approximately 90% of the contract's value is for subscription fees for the existing client base, with the remainder for expected client growth.
February 20, 2024 | 2:00 pm
News sentiment analysis
Sort by:
Ascending
POSITIVE IMPACT
BIO-key secures a significant $1.5 million order for its biometric identification technology, indicating strong customer trust and potential revenue growth.
The $1.5 million order from a long-term financial services customer for BIO-key's biometric identification technology not only provides a direct revenue boost but also reinforces the company's market position and product reliability. The anticipation of a 12% annual growth in users over the next year further suggests potential for continued revenue growth and expansion. This deal reflects positively on BIO-key's financial outlook and its technology's market acceptance.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100