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DENVER and PISCATAWAY – TechDemocracy, a global cybersecurity services firm, has partnered with authID (NASDAQ:AUID), a provider of identity proofing and biometric authentication, to enhance the adoption of passwordless security solutions. With a market capitalization of $89 million and impressive revenue growth of 366% in the last twelve months, authID maintains a strong financial position with more cash than debt on its balance sheet. The collaboration aims to train TechDemocracy professionals on authID’s biometric platforms to advance secure, frictionless sign-in processes.
The partnership will see an initial group of 25 TechDemocracy professionals certified to consult, implement, and support authID’s Proof, Verified, and PrivacyKey solutions. These platforms boast a one-in-one-billion false-match rate and rapid verification, promising enterprises a more secure and privacy-compliant authentication experience that does not store biometric data.
Viresh Garg, SVP of Cybersecurity & Emerging Technologies at TechDemocracy, emphasized the transformative nature of passwordless authentication and the goal of providing enterprises with secure access experiences. Todd Rossin, CEO & Chief Strategy Officer of TechDemocracy, expressed enthusiasm about integrating authID’s biometric solutions into their offerings, which he believes will strengthen their customer capabilities and encourage widespread adoption of passwordless security.
Rhon Daguro, CEO of authID, welcomed the partnership, citing TechDemocracy’s deep expertise in Identity and Access Management (IAM) as a significant asset in promoting passwordless identity solutions.
As part of the collaboration, both companies will engage in thought leadership activities, including white papers, webinars, and roadshows, to guide organizations in transitioning from passwords to biometric-first authentication methods. TechDemocracy also plans to offer complimentary workshops to help organizations evaluate and implement biometric authentication effectively.
authID (NASDAQ:AUID) is known for its patented biometric identity platform, which facilitates quick and accurate identity proofing and authentication. TechDemocracy leverages its experience in IAM, governance, risk and compliance, cybersecurity, and managed security services to support organizations’ digital security needs.
This partnership is based on a press release statement and marks a step towards broader implementation of passwordless and biometric authentication technologies in the cybersecurity industry.According to InvestingPro analysis, authID’s stock currently appears overvalued compared to its Fair Value, though it shows strong financial health indicators with a current ratio of 3.41x. Investors seeking deeper insights into authID and similar growth opportunities can access comprehensive Pro Research Reports, covering 1,400+ US stocks, along with real-time financial metrics and expert analysis on the InvestingPro platform.The stock has demonstrated significant volatility, with a beta of 2.4 and a notable YTD return of 20.43%, making it an interesting watch for investors focused on the cybersecurity sector. InvestingPro subscribers can access 8 additional key insights about AUID’s financial performance and growth prospects.
In other recent news, AuthID Inc. reported its fourth-quarter earnings for 2024, showing a significant increase in revenue to $200,000 from $70,000 the previous year. For the full year, revenue rose to $890,000 from $190,000, although the annual recurring revenue dropped to $800,000 from $1 million in the previous quarter. AuthID has also completed a registered offering of common stock and warrants, raising capital by issuing 1,361,120 shares of common stock at $4.50 per share, along with pre-funded warrants. This offering, facilitated by Dominari Securities LLC and Madison Global Partners, LLC, aims to support the company’s growth initiatives. Additionally, AuthID secured $8.15 million through a registered direct offering for working capital and general corporate purposes, with the transaction also involving Dominari and Madison as co-placement agents. As part of their strategic expansion, AuthID has appointed an Advisory Board with industry experts, including Eric Swider and Donald Nitti, to enhance market adoption and growth. The company has also launched Privacy Key, a new biometric authentication product, as part of its ongoing efforts to innovate in the biometric authentication market.
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