Aware expands eKYC offerings by acquiring Fortress Identity

Aware expands eKYC offerings by acquiring Fortress Identity

Aware, a leading global provider of biometrics software products, solutions and services, today announced it has acquired Fortress Identity, a pioneering provider of digital ID verification and biometric authentication. As a result of the acquisition, Aware expands its offerings around identity proofing—enhancing its onboarding, verification and authentication offerings to directly address financial compliance requirements and enable organizations to mitigate risk and curtail increasing fraud.

The FortressID platform from Fortress Identity uses biometric multi-factor authentication to combine onboarding validation and due diligence for compliance and risk management. The result is a highly secure, seamless user experience that eliminates the need for passwords; enables customers to verify identification documents; and directly performs risk and due diligence checks (examples include anti-money laundering (AML), counter-terrorism finance (CTF), and politically exposed persons (PEP)).

“The cloud-native FortressID™ platform is highly complementary to Aware’s current offerings. Its existing customer base will help accelerate our penetration into the most attractive markets in North America and other geographies—furthering our transformation to a SaaS business model and our ability to provide customers with biometrics on demand,” said Bob Eckel, Aware’s chief executive officer. “Furthermore, the acquisition strengthens our position in our core markets in Latin America and Europe and expands our suite of offerings to include each link in the identity value chain.”

Alessandro Chiarini of Fortress Identity said: “Since inception, Fortress Identity’s mission has been to strengthen the integration between digital ID verification and biometric authentication during onboarding so it can be leveraged in subsequent enterprise authentication. It aligns nicely with Aware’s vision of creating a world where individuals own their identity and I’m excited for the collective impact the combined suite of offerings will have.”

Aware to Showcase Digital Identity Solutions and Leadership at Identity Week London 2021

Aware to Showcase Digital Identity Solutions and Leadership at Identity Week London 2021

Aware, a leading global provider of biometrics software products, solutions and services, will be showcasing its digital identity expertise in multiple sessions at this year’s Identity Week London 2021 conference, taking place from September 22-23 in London, England. With a focus on digital identity and advanced authentication technologies, Identity Week London is an ideal event for Aware to spotlight its strong biometric knowledge, and solutions for passwordless authentication and identity ownership.

As more federal governments and organizations adopt digital identity services, biometric solutions will play a vital role in that ongoing transformation. In one of the event’s presentations, “Digital Identity Guidelines—An Introduction to NIST SP 800-63” (September 22 at 10:20am local time (5:20am EST)), Rob Mungovan, chief commercial officer at Aware, will discuss the requirements outlined in this NIST special publication, and the most important takeaways for digital identity adoption.

Additionally, Rob Mungovan will also be moderating a roundtable discussion, “The Adoption of Remote Identity Proofing Around the World” (September 23 at 12:30pm local time (7:30am EST)). In this session, Rob will discuss with fellow panelists the adoption trends of remote onboarding and identity proofing around the world, and why some regions are adopting this technology more quickly than others.

“We are very excited to be back in person and play a significant role at Identity Week London 2021,” said chief commercial officer, Rob Mungovan. “This conference has always been closely aligned with Aware’s goal of providing strong, cutting-edge digital identity and authentication solutions, and I am looking forward to discussing the latest digital identity guidelines and worldwide adoption trends with fellow attendees.”

In addition to these sessions, Aware will also be showcasing its many biometric and digital identity solutions at Identity Week London, such as Knomi, it’s mobile biometric authentication framework. Knomi combines the power of face and speaker recognition to provide a strong, secure and frictionless passwordless authentication solution for a wide variety of applicable use cases. Aware will also highlight its other industry leading biometric offerings, from AwareABIS—a modular Automated Biometric Identification System for small to large law enforcement communities—to BioSP, Aware’s market-leading biometric transaction workflow and connectivity platform.

Aware’s Knomi addresses demand for touchless solutions

Aware’s Knomi addresses demand for touchless solutions

Aware, a global provider of biometrics software products, solutions and services, announces that its mobile biometric authentication platform, Knomi, is fully configured for a variety of touchless applications needed today. With offices and buildings reopening in the wake of the Covid-19 pandemic, the importance of easily integrated, touchless authentication solutions has never been greater. Knomi meets this need directly as a trusted, flexible, secure and contactless biometric solution for a variety of use cases.

Since the onset of Covid-19, the general population is more aware than ever as to how the frequency of interactions per day put them in contact – and risk – for virus spreading. Shared touchscreens and kiosks can retain viruses, as well as create a slow, cumbersome authentication process that produces lines and close quarter waiting, jeopardizing social distancing guidelines. As industries felt the impact of the global pandemic, the workforce, travel and hospitality groups saw a particularly significant decline. Even with post-Covid travel making a comeback with return to office plans being put in place and entertainment venues reopening, hesitation persists with consumers demanding mobile solutions that reduce – or mitigate – the need for in-person engagements that may jeopardize their health. By incorporating biometrics into visitor management, border control, and mobile authentication workflows, these demands can be addressed directly, granting users access to their accounts and offices quickly, safely and confidently.

“The demand for touchless authentication solutions has never been higher, and we’re proud to have a trusted solution in Knomi that meets this demand immediately,” said Bob Eckel, president and chief executive officer of Aware, Inc. “Knomi’s industry-leading face and voice biometrics already provide our customers with a convenient and flexible authentication solution that replaces fraud-prone passwords. But it is also an ideal solution for touchless workflows as well, providing world class authentication without the need for shared touchpoints, while providing our customers and users with some much-needed peace of mind after Covid.”

The Knomi mobile biometric authentication platform uses mobile devices and browsers to provide a trusted registration process and authenticate users safely, securely and conveniently. With industry-leading face and voice recognition, passive liveness detection, and flexible device-, server-, and browser-based options, Knomi is a secure, convenient customer onboarding and authentication platform for virtually any use case.

Companies and organizations interested in touchless authentication solutions can expect to address the following use cases and benefits with Knomi:

  • Visitor management: Enroll and authenticate visitors and employees securely, conveniently and safely with Aware’s touchless, biometrically-powered visitor and employee management solutions. With Aware, visitor management providers can use existing devices or kiosks to conduct biometric matching and liveness detection at check-in, providing a safe, secure and convenient visitor and employee access experience.
  • Border and transportation management: Authenticate and process travelers quickly and frictionlessly without the need for shared touchpoints. Knomi’s industry-leading face and voice matching and liveness is highly secure and entirely contactless, providing increased security and peace of mind for travelers and authorities alike.
  • Venue access management: Welcome visitors to large-scale venues conveniently and touchlessly with biometrically-powered onboarding and authentication solutions from Aware. Enable secure, streamlined access to popular locations such as concert halls and sports arenas without the need for physical tickets or long lines, and provide a more convenient option for age-dependent purchases with built-in identity assurance.
Aware doubles Q2 revenues year-on-year

Aware doubles Q2 revenues year-on-year

Aware, a leading supplier of biometrics software products, solutions and services, today reported financial results for the second quarter ended June 30, 2021.

Second Quarter 2021 and Recent Operational Highlights

  • Recorded more than 18 million transactions in the first half of 2021, compared to 11 million in all of 2020—which is five times the number of transactions in the first half of 2020.
  • Completed the integration of the AFIX product line, strengthening Aware’s physical and human capital assets, establishing an immediately accretive ancillary revenue stream and cementing Aware’s position as a leading provider of software and biometric middleware.
  • Partnered with IRIS ID to empower state and local agencies to take advantage of the FBI’s Next Generation Identification Iris Service, positioning Aware to accelerate the adoption of iris-based identification solutions for criminal justice applications.
  • Selected by IT security company Imprivata to enable self-enrollment for prescribers of electronic prescriptions for controlled substances (EPCS) via Knomi. This first-to-market enrollment solution expands applications of Aware’s Knomi in the healthcare market, further illustrating the positive impact of biometrics in common healthcare use cases.
  • Awarded the prestigious 2021 Global InfoSec Award from Cyber Defense Magazine for Knomi, which was named as the winner for Best Product in Passwordless Authentication due to its field proven capability to protect against cybersecurity threats by replacing theft-prone passwords with secure biometric authentication technology.

Second Quarter 2021 Financial Results
Revenue for the second quarter of 2021 was $4.3 million, compared to $4.4 million in the first quarter of 2021 and up 2.3 times from $1.9 million in the same year-ago period. The year-over-year increase in revenue was primarily the result of increased subscription-based revenue related to growing transaction volume from existing customers.

Net loss in the second quarter of 2021 totaled $1.5 million, or $(0.07) per diluted share, which compares to net loss of $1.4 million, or $(0.07) per diluted share, in the first quarter of 2021 and net loss of $3.1 million, or $(0.15) per diluted share, in the same year-ago period.

Adjusted EBITDA loss (a non-GAAP metric reconciled below) for the second quarter of 2021 was $0.9 million, compared to adjusted EBITDA loss of $3.3 million in the same year-ago period. The year-over-year period increase in adjusted EBITDA was a result of our revenue increase as we started to see the benefit of our prior investment in sales and engineering resources.

Cash and cash equivalents totaled $35.2 million as of June 30, 2021, compared to $38.6 million as of December 31, 2020.

Six Month 2021 Financial Results
Revenue for the six months ended June 30, 2021 was $8.7 million, compared to revenue of $5.4 million in the same year-ago period. The increase in revenue was primarily due to increased subscription-based revenue related to growing transaction volume from existing customers and the upfront recognition of fixed minimum transaction amounts from two new international wins.

Net loss for the six months ended June 30, 2021 was $3.0 million, or $(0.14) per diluted share, which compares to net loss of $4.2 million, or $(0.20) per diluted share, in the same year-ago period.

Adjusted EBITDA loss (a non-GAAP metric reconciled below) for the six months ended June 30, 2021 was $2.0 million, compared to adjusted EBITDA loss of $4.5 million in the same year-ago period. The increase in adjusted EBITDA for the six month period was primarily due to our revenue increase.

Management Commentary
“In the second quarter of 2021 we validated our approach to generating sustainable revenue growth by successfully integrating the AFIX product line and leveraging its existing customer base to secure new accounts that we expect to drive our topline when they become operational,” said Bob Eckel, Aware’s Chief Executive Officer. “We’ve more than doubled last year’s quarterly performance in terms of revenue, net loss and adjusted EBITDA and have taken meaningful steps to align our organization with our ongoing transformation, which we believe will enable us to continue making key internal investments while maintaining a robust balance sheet.

“With a sizeable pipeline and strategic inorganic opportunities that we are actively evaluating on the horizon, Aware is in its strongest position yet. As we continue to recognize transaction contract minimums and grow our recurring subscription-based revenues, we are simultaneously making significant progress on rolling out additional new core business offerings by year end. We expect these offerings to accelerate our entry into Biometric SaaS and open additional channels, enabling us to market a wide array of applications to end users of all sizes and capabilities.”