Intellicheck and Okta’s digital identity revenue on the rise, Elan Microelectronics sees opportunity

Intellicheck reported 38% year-over-year revenue growth for its software as a service (SaaS) for physical and digital identity validation in its fiscal year 2021.

The company reported total revenue of $3.9 million in the fourth quarter of 2021, 27% higher than the same period in 2020, with SaaS growth of 23% year-on-year and 14% sequentially.

Net loss for the year was $4.1 million, or $0.22 per diluted share, compared to net income of $558,000 in 2020 and a gain of $0.03 per diluted share.

“We made a number of significant changes in 2021 to drive the company forward. We launched Platform 2.0 with additional multinational ID and KYC capabilities. We are also seeing results with a focus on l “increased brand awareness with increased inbound leads for the age-limited market. We believe these initiatives will drive our continued growth and foster additional opportunities with new and existing customers,” comments Bryan Lewis, CEO from Intellicheck.

Intellicheck’s outlook for the first quarter of 2022 is impacted by a code freeze at a major partner pending a change that should provide longer-term opportunities for Intellicheck. SaaS revenue is still expected to be between $3.2 million and $3.35 million.

Okta’s annual revenue up 56%

Okta’s fiscal 2022 digital identity and access management revenue grew 56% to $1.3 billion, with fourth-quarter revenue up 63% year-over-year other.

The GAAP net loss for Okta in the fourth quarter was $241 million, following a GAAP net loss of $76 million in the fourth quarter of 2021.

The company reports a GAAP net loss of $848 million for the year, compared to a loss of $266 million for the prior year.

“Identity management is at the forefront of today’s rapidly changing security environment,” said Todd McKinnon, CEO and co-founder of Okta. “Today, senior executives and developers are increasingly turning to Okta to provide their employees and customers with the freedom to use any technology securely. We ended FY22 with an acceleration in high-level metrics thanks to strong execution and strong demand for our workforce solutions and customer identity solutions Okta and Auth0. Okta brings an unparalleled platform of cloud-native identity management solutions to a massive market that continues to head our way, propelled by the three mega-trends of cloud and hybrid IT, digital transformation and zero trust security.

Okta expects to generate between $1.78 billion and $1.79 billion in revenue in its fiscal year 2023, for a growth rate of 37-38%.

Elan projects growth from PC biometrics and smart cards

Elsewhere in biometric stocks, a monthly update from Elan Microelectronics reveals that biometric fingerprint sensors accounted for 15% of the company’s revenue in February.

The company expects further growth in its biometrics products, with Windows 11 driving the adoption of biometrics in enterprise PCs and Elan’s biometric smart card solution expected to gain certifications from three major networks. credit cards in the first half of the year, according to the announcement.

Elan reports consolidated net revenue of NT$1.1 billion (US$38.8 million) in February, a slight increase from the same month last year.

Nxt-ID now LogicMark

Nxt-ID changes its name to LogicMark and its Nasdaq stock symbol to “LGMK”.

The company acquired personal emergency response system (PERS) LogicMark for $20 million in 2016, and the rebranding is part of a strategic shift emphasizing that business. LogicMark has provided over 500,000 PERS devices to seniors, veterans and others to date, and the company cites market analysis forecasting a 7.5% gain in the market by 2025.

“Care technology has always been at the heart of this company and represents the future of our Caring-Platform-as-a-Service (CPaaS) development,” said Chia-Lin Simmons, CEO of LogicMark. “It represents an entirely new ecosystem. We see this as the perfect time to reflect this name change. »

Simmons was named CEO last year and recently noted a pair of draft patents the company received relating to fall detection in an earnings report.

Plurilock Acquires Enterprise and Government IT Provider

Plurilock has entered into an agreement to acquire Integra Networks for C$1.2 million (about US$940,000), which provides enterprise technology solutions and has an extensive network of Canadian government clients, according to the announcement.

All of Integra’s issued and outstanding shares have been purchased by Plurilock, which plans to integrate its Zero Trust digital identity technology with Integra and offer the combined offerings through its strong sales distribution network, the company says.

Integra serves federal government clients including Shared Services Canada, the Department of National Defense and the Royal Canadian Mounted Police. The deal also gives Vancouver-based Plurilock a bigger presence in the east of the country.

“We are delighted to welcome the Integra team to the Plurilock family,” said Ian L. Paterson, CEO of Plurilock. “Basically, Integra ticked a number of the boxes that we were looking for in an accretive acquisition. With a strong presence in the Canadian Federal Government with Tier 1 Government Agency clients, a strong balance sheet, proven sales of C$5 million, gross margin of 19% in the last 12 months and operations profitability resulting from 35 years of experience, we look forward to joining the team and exploring new synergistic opportunities to scale our combined operations. »

Plurilock also completed the acquisition of CloudCodes at the end of 2021.

BIO-key, meanwhile, has reached its agreement to acquire Swivel Secure Europe.

The company says the acquisition will increase its revenue, customer base and talent in Europe, the Middle East and Africa.

“We are excited to bring our award-winning, cost-effective and easy-to-deploy portfolio of identity-related IAM and biometric solutions to meet the needs of current and future customers in the EMEA markets,” commented Michael DePasquale, President and CEO of BIO-key. .

Article topics

purchases | BIO key | biometrics | digital identity | financial results | Intellicheck | NXT-ID | OKTA | Plurilock | actions

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