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Ipsidy’s surging 2Q revenue and US$9.6mln in equity funding to help it execute across geographies

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Ipsidy Inc (OTCQX:IDTY), a provider of biometric identification and electronic transaction processing services, posted strong second-quarter revenue growth. The company also indicated that it had received subscriptions for common stock in a US$9.6mln equity funding round.

“The recent fund-raising will help us execute on the large number of physical and virtual use cases for our solutions in different markets and countries around the world,” Ipsidy CEO Philip Beck told Proactive Investors.

“Our flexible suite of Identity-as-a-Service solutions makes biometrically authenticated identity core to the user experience in approving everyday transactions. Our low-cost IDaaS solutions can be delivered out of the box or easily integrated with our RESTful API’s,” added Beck, a lawyer-turned-entrepreneur, who has spent the last 20 years building and operating scalable international transaction platforms.   

Beck’s new company Ipsidy provides a platform for biometric identification and creates a trusted transaction, embedding authenticated identity and event details with a digital signature and uses a participant’s own mobile device. 

BIG PICTURE: Ipsidy Inc. rides the wave of identity authentication

Ipsidy has developed secure biometric identity management and electronic transaction solutions for government and public-sector organizations in the United States, South Africa and internationally.

As of August 7, Ipsidy said it had received subscriptions for approximately US$9.6mln by issuing roughly 63.9 million shares at US$0.15 per share. The Theodore Stern Revocable Trust was investing US$1mln in the funding round. Theodore Stern, one of the Ipsidy’s directors, is a trustee of the Stern Trust.

2Q revenue surge

Total revenue for the first and second quarter were US$1.8mln and US$2.4mln, respectively, compared to US$0.6mln and US$1.1mln in the comparable period a year ago.

The surge in second-quarter revenue to US$2.4mln was driven by Ipsidy’s successful completion of SearchTM, its Automated Fingerprint Identification System, for the Zimbabwe Electoral Commission.

During the quarter Ipsidy also inked a pact with leading GPS-tracking solutions firm Skypatrol LLC to offer SkyGuru in Latin America.

Founded in 2002, Skypatrol helps fleet managers evaluate driver patterns, time spent at delivery locations, driver speeds during deliveries, and create the most efficient routes. It has nearly 1 million GPS devices in 25 countries.

SkyGuru now combines Skypatrol’s GPS technology with Ipsidy’s transact digital issuance platform and mobile biometrics to deliver “cost-control” to trucking fleet operators and logistics companies throughout Latin America.

READ: Ipsidy teams up with Skypatrol to offer SkyGuru in Latin America

It enables trucking fleet operators to create mobile wallets with virtual payment cards for their drivers; place funds in those accounts with a click of a button, enroll gas stations and other merchants with whom the fleet does business and monitor all activity in real-time. In effect, thanks to SkyGuru, fleets and their drivers will no longer need to pay for fuel or services with cash, vouchers, or payment cards.

Beck started Planet Payment Inc. in 1999 and built it into a Nasdaq-listed company before it was sold in 2017.

Beck is now riding the wave of identity authentication at a time when there’s great premium for what companies like Ipsidy and cybersecurity start-up Duo Security do. Cisco recently agreed to acquire Duo Security for US$2.35bn.

Contact Uttara Choudhury at [email protected]

Follow her on Twitter@UttaraProactive 

Story by ProactiveInvestors


Source: http://www.proactiveinvestors.com/companies/news/202525/ipsidys-surging-2q-revenue-and-us96mln-in-equity-funding-to-help-it-execute-across-geographies-202525.html


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