Aware Expands eKYC Offerings By Acquiring Fortress Identity
23 December 2021 - 1:00AM
Aware, Inc., (NASDAQ: AWRE), 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.”
To learn more about Aware’s industry-leading biometric
identification and authentication offerings, visit Aware’s
website.
About AwareAware, a global leader
in productized biometrics software products, solutions, and
services, provides critical biometric functionality to
collect, manage, process, and match biometric images and data for
identification and authentication. With its decades-long
experience, Aware is a market leader in liveness detection and
multi-modal fusion to protect client and business processes through
fingerprint, face, iris, and voice matching algorithms, mobile
biometric capture and authentication software, a biometric workflow
and middleware platform, and a fully scalable ABIS. Aware’s
device-agnostic, integration-ready, and customer-managed products
enable ease-of-use for enterprises to empower individuals to own
their identities. Aware serves customers across a multitude of
industries, including financial services, enterprise security,
healthcare, human resources, citizen ID, border management, law
enforcement, defense, and intelligence. Aware is a publicly held
company (Nasdaq: AWRE) based in Bedford, Massachusetts.
To learn more, visit https://www.aware.com or follow
Aware on Twitter @AwareBiometrics.
Safe Harbor WarningPortions of this release
contain forward-looking statements regarding future events and are
subject to risks and uncertainties, such as estimates or
projections of future revenue, earnings and non-recurring charges,
the growth of the biometrics markets, and Aware’s planned success
with the FortressID™ platform. Aware wishes to caution you that
there are factors that could cause actual results to differ
materially from the results indicated by such statements.
Risk factors related to our business include, but are not
limited to: i) we may not be able to successfully integrate
Fortress Identity’s operations and products into our existing
operations and offerings, ii) our operating results may fluctuate
significantly and are difficult to predict; iii) we derive a
significant portion of our revenue from government customers, and
our business may be adversely affected by changes in the
contracting or fiscal policies of those governmental entities; iv)
a significant commercial market for biometrics technology may not
develop, and if it does, we may not be successful in that market;
v) we derive a significant portion of our revenue from third party
channel partners; vi) the biometrics market may not experience
significant growth or our products may not achieve broad
acceptance; vii) we face intense competition from other biometrics
solution providers; viii) our business is subject to rapid
technological change; ix) our software products may have errors,
defects or bugs which could harm our business; x) our business may
be adversely affected by our use of open source software; xi) we
rely on third party software to develop and provide our solutions
and significant defects in third party software could harm our
business; xii) part of our future business is dependent on market
demand for, and acceptance of, the cloud-based model for the use of
software: xiii) our operational systems and networks and products
may be subject to an increasing risk of continually evolving
cybersecurity or other technological risks which could result in
the disclosure of company or customer confidential information,
damage to our reputation, additional costs, regulatory penalties
and financial losses; xiv) our intellectual property is subject to
limited protection; xv) we may be sued by third parties for alleged
infringement of their proprietary rights; xvi) we must attract and
retain key personnel; xvii) our business may be affected by
government regulations and adverse economic conditions; xviii) we
may make acquisitions that could adversely affect our results, xix)
we may have additional tax liabilities; and xx) we believe the
effects caused by the COVID-19 pandemic will likely have an adverse
impact on our revenue over the next several quarters.
We refer you to the documents Aware files from time to time with
the Securities and Exchange Commission, specifically the section
titled Risk Factors in our annual report on Form 10-K for the
fiscal year ended December 31, 2020 and other reports and filings
made with the Securities and Exchange Commission.
Aware is a registered trademark of Aware,
Inc.
Company Contact
Gina Rodrigues
Aware, Inc.
781-276-4000
grodrigues@aware.com
Investor Contact
Matt Glover and Sophie Pearson
Gateway Group, Inc.
949-574-3860
AWRE@gatewayir.com
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