ImageWare Systems recently announced that "In March 2013, ImageWare entered into a contract with Fujitsu under which ImageWare will deploy a cloud-based, multi-modal biometric identity management offering that will be delivered on the Fujitsu Global Cloud Platform (FGCP). ImageWare's CloudID product suite, anchored by its patented, multi-modal Biometric Engine® (BE) 2.0, will be offered on the FGCP, which is expected to be one of the world's largest cloud platforms.
"As part of the agreement, ImageWare's products will be licensed on a service or transactional basis. The solution is expected to be introduced in North America in the second quarter of 2013, with plans to collaborate on a global expansion model in the near future, and will target large enterprise businesses and emerging applications. The agreement, which is in addition to ImageWare's previously announced three-year software license agreement with Fujitsu's NuVola Private Cloud Platform, is expected to significantly increase revenues while providing greater stability and forward-looking visibility."
"Our goal to establish a leadership position in biometric-based identity management for the cloud is becoming a reality," said Jim Miller, chairman and CEO of ImageWare. "By working with a leading IT innovator such as Fujitsu, ImageWare is able to quickly and efficiently enter the cloud-based arena and gain access to a broader base of clients in the commercial market. The launch of ImageWare's products on the FGCP is a significant step for us and we look forward to a potential worldwide deployment in the near future. Further, by licensing our products on a service or transactional basis, we expect to see a significant improvement in our revenue model and eliminate our historically lumpy sales that have been difficult to predict.
"ImageWare also continued to advance the development of its biometric-secured mobile transaction technology, building upon the wireless push technology and related patents it acquired from VOCEL in the second quarter of 2012. In December 2012, the company released the first demonstration models of this mobile technology to key potential corporate users and is currently in licensing discussions with several clients.
"Integrating wireless push technology with ImageWare's biometric solutions provides the missing security link facing a growing number of enterprises and government agencies using mobile platforms to transact business or interact with their users. The solution is applicable for healthcare, law enforcement, banking and retail, or any organization requiring highly-reliable and flexible identity verification of their mobile users."
Miller concluded: "Our strategy to diversify ImageWare's revenue stream and decrease our dependency upon larger government projects is beginning to gain traction. Although we will continue to pursue government contracts, our SaaS, mobile and cloud offerings in the commercial and consumer markets will provide us with a more stable, recurring revenue stream and a clearer picture of ImageWare's long-term opportunity."
For the complete interview with Jim Miller, ImageWare Systems, Chairman and CEO: www.securitystockwatch.com/Interviews/in_Boardroom_IMW.html
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