authID Continues Growth Momentum with Strong Q4 Sales

DENVER, Jan. 04, 2024 (GLOBE NEWSWIRE) -- authID [Nasdaq: AUID], a leading provider of innovative biometric identity verification and authentication solutions, today announced that it signed new customer contracts with gross Booked Annual Recurring Revenue or bARR (as defined below) preliminarily valued at $1.7 million during the fourth quarter of 2023.  This achievement continues the momentum seen throughout the entirety of 2023, with Q4 bookings representing a 64% increase over the Company’s third quarter.

Friction-filled one-time passwords and antiquated processes that blindly assume credentials are being submitted by the rightful owner are frequent conduits for data breaches, phishing schemes, and account takeovers. Recognizing a failing security strategy, cyber-savvy organizations are turning to authID’s biometric lifecycle identity platform to ensure they ‘know who’s behind the device’^TM for a range of use cases including digital onboarding, authorizing online financial transactions, and securing workforce passwordless logins on shared corporate devices.

To that end, the authID sales team secured various customers in Q4, including an international digital wallet provider leveraging authID to deliver frictionless biometric identity assurance for their network of banks, merchants and customers while securing international payments; and a leading entertainment business software provider partnering with authID to stop fraud and eliminate account takeover with strong identity assurance for transferring money in the entertainment industry. The Company also signed contracts with a mobile application provider committed to advancing responsible firearm instruction, training, and ownership; and with a service provider of verified identities to ensure safe online interactions and prevent fake profiles, catfishing, and potential cyber-predator risks.

“I am extremely pleased to continue our strong sales momentum through the fourth quarter,” said Rhon Daguro, CEO of authID. “It’s not enough to have powerful products – you must also be able to convey value to customers. authID is fortunate to have great people developing our technology, and equally great people selling it. Together, we provide best-in-class solutions and cutting-edge thought leadership to the market.”