Company: BKYI
Filing Date: 2025-04-23
Form Type: 10-K
Source: 0001437749-25-012824
Chunk: 689

Company: BIO KEY INTERNATIONAL INC
Filing Date: 2025-04-23
Form: 10-K
Item: Item 1
Chunk 689
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 MFA as a security and workflow solution. Millions of users have been successfully using biometrics in phones from Apple and Samsung and they welcome the same user experience to access applications without passwords or tokens.

Our acquisition of PistolStar added a large customer base in the state and local government and higher education (SLED) vertical. Colleges and universities throughout the United States use our PortalGuard MFA and SSO platform. As governments, colleges and universities continue to operate in remote environments, we have seen additional demand for our solutions.

      3

We believe there is potential for significant market growth in the following key areas:

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      Enterprise MFA for access to computer networks, and applications. 

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      Large scale identification projects. 

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      Government funded initiatives, including the state board of elections. 

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      International law enforcement applications where we are viewed as a global leader in the biometric technology and serve customers such as the Israeli Defense Force and the Singapore Police departments. 

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      Consumer mobile credentialing, including mobile payments, credit and payment card programs, data and application access, and commercial loyalty programs.  

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      Demand for BIO-key hardware products from Windows Hello for Business users and Fortune 2000 companies. 

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      Government services and highly regulated industries including, Medicare, Medicaid, Social Security, drivers' licenses, campus and school ID, passports/visas. 

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      Remote authentication challenges, including those created by the remote work shift resulting from the pandemic. 

Business Model 

Our business model is focused on the following key areas:

      Market  Drivers 
      Enterprise needs are not being met by mainstream MFA’s phone app or token approach. Supply chain breaches, ransomware attacks, and administrative access compromises highlight the shortcomings of mainstream MFA and security approaches, which leave far too much responsibility on end-users to comply with cyber-hygiene policies. BIO-key’s biometric authentication process prevents human error and human nature from undermining secure authentication, while making the end user’s access easier than ever. The current climate of broad enterprise adoption of MFA to replace passwords presents opportunities for us to leverage our unique differentiators and exploit the gaps in existing IAM technology approaches. One of those gaps is the challenge of authenticating users that “rove” among workstations. A second gap is preventing unauthorized account sharing and delegation. 

      OEM Customers 
      We continue to prioritize securing agreements with OEM customers.