authID (AUID)2024-03-20 20:06Stock Split and Trading Symbol - The company completed a 1-for-8 reverse stock split effective July 7, 2023, with shares trading under the symbol "AUID" starting July 10, 2023[11] Biometric Identity Verification and Authentication - The Verified platform offers biometric identity verification, authentication, account recovery, and FIDO Passkey binding services[14] - Biometric identity verification matches government-issued ID documents with live user selfies, reducing fraud and speeding up onboarding[15] - Biometric identity authentication enables passwordless login and transaction validation using facial biometrics[16] - The company's biometric identity verification product, Proof, eliminates the need for in-person ID checks and provides verified identity in seconds[15] - The company's biometric identity authentication solution allows users to recover account access via facial biometrics, independent of any device[17] - The company's FIDO Passkey Binding solution enables passwordless login and transaction authentication tied to a trusted identity[18] Market Growth and Projections - The global market for identity verification and authentication is projected to grow from 116 billion by 2027, with a 24.6% CAGR[27] - The global market for integrated identity platforms is estimated to reach 116 billion by 2027[27] Business Strategy and Growth - The company focuses on driving customer growth, accelerating onboarding, developing partner networks, and advancing platform innovation[28][29] - The company focuses on driving new customer growth by targeting key markets and verticals with high-assurance identity verification needs, including regulated sectors and high-risk transaction organizations[28] - The company plans to accelerate customer onboarding and usage by investing in platform integration to speed up time to revenue[28] - The company is strategically developing its partner network to expand customer reach through reseller and similar partnerships[29] - The company continues to invest in R&D and hiring top technical talent to innovate its platform, focusing on speed, accuracy, and user experience[29] - The company may pursue selective acquisitions to enhance technology capabilities, enter new markets, and develop new services[30] Sales and Pricing Model - Sales are conducted through a direct sales team and channel partners, with a subscription and usage-based pricing model[32][33] - The company operates on a subscription and usage-based model, with fees per transaction, enrolled, or active users[32] - The company expanded its sales force and technical sales support significantly in the last six months of 2023[32] Competition - The company faces competition from identity verification, authentication, and access management providers, including larger companies with significant resources[34][35] - The company faces competition from vendors offering biometric and non-biometric identity verification solutions, as well as passwordless authentication providers[34] Research and Development - Research and development efforts are focused on platform improvements, new technologies, and meeting evolving customer needs[36] Discontinued Operations - The company discontinued non-core operations, including the sale of the Cards Plus business and legacy payments software in 2022 and 2023[21] - The company completed the sale of its legacy payments software by MultiPay on June 30, 2023, and exited non-core activities in Colombia and South Africa[21] Employee and Subsidiary Information - The company has a total of approximately 22 employees as of December 31, 2023, with 17 located in the United States and the rest in Colombia[41] - The company operates through six subsidiaries, including four in the U.S., one in Colombia, and one in the United Kingdom[42] - The company has 22 employees as of December 31, 2023, with 17 based in the U.S. providing strategic and technological leadership[41] - The company has subsidiaries in the U.S., Colombia, and the U.K., including Innovation in Motion Inc., Fin Holdings, Inc., and MultiPay S.A.S.[42] Intellectual Property and Legal Compliance - The company relies on patents, trademarks, copyrights, and trade secrets to protect its proprietary technology[38] - The company is subject to data protection legislation and biometric information privacy regulations in various jurisdictions, which could significantly impact its business[40]