TECH5, an innovator in the field of biometrics and digital identity management headquartered in Switzerland, acquired all assets of Imageware Systems, Inc.® (OTCQB: IWSY) (“Imageware”), a leader in biometric identification and authentication in the US. The purchase of the assets was completed by TECH5 Inc., the USA-based subsidiary of the TECH5 Group.
TECH5 builds cutting edge NIST rated algorithms, state of-the-art biometric identification and authentication systems with more key IP than many companies in the identity space. For more than 36 years, Imageware has been serving the federal, law enforcement and public safety sectors in North America and various regions around the world, with an end-to-end biometric identification platform designed with the best UI and accuracy in the industry. The acquisition of Imageware’s assets gives TECH5 the ability to supply the market with the best UI and AI driven authentication software products backed by a global team of security experts and visionaries.
As part of this deal, TECH5 acquired Imageware’s assets, including software, contracts, and intellectual property. TECH5 will provide ongoing support and services to Imageware’s global customer base as the new owner of the assets. “This acquisition represents a strategic step for TECH5, strengthening its presence in North America, and bringing Imageware’s decades-long leadership to new geographies and new vertical markets via TECH5’s footprint.” – says Rob Haslam, TECH5 Strategic Advisor.
TECH5 intends to retain key members of the Imageware team, including engineering, customer support, product management, sales and marketing, professional services, as well as some general and administrative staff. As a result, customers of both TECH5 and Imageware will benefit from the combined expertise of the teams in providing ongoing support and services for all products. “TECH5 has been a partner of Imageware for many years, and we are very excited at this opportunity to combine the offerings and expertise of both companies to bring a richer and more comprehensive biometrics-based offerings to law enforcement, government, and enterprise customers on a global scale. The combined team extends the capabilities, know-how, and expertise that customers of Imageware have come to expect and rely on.” – comments Machiel van der Harst, Co-founder and CEO of TECH5.
TECH5 acquired all Imageware’s technology and patents and will support, improve, and expand the functionality and accuracy of the newly added technology products. “Both TECH5 and Imageware have a long heritage of deep technological leadership in complementary areas of biometrics and identity. Imageware successfully rebuilt their product portfolio over the last 34 months and have been readying for this moment of merging with a biometrics powerhouse like us to create a biometric authentication company with competitive delineation for the market. TECH5 represents a strong vision and market approach in line with what customers will require in terms of secure identity management, including critical digital ID. With its innovative biometrics in capture and matching technologies, TECH5 is the ideal new home to build upon Imageware’s rich legacy in the law enforcement and federal market spaces, and will address the state and local, federal, and enterprise customer bases. For example, TECH5 intends to combine its Digital ID offering with the Imageware Authenticate product to deliver a comprehensive solution that can serve ALL – from developed, to developing, as well as underdeveloped countries.” – says Co-founder, Chairman, and CTO of TECH5, Rahul Parthe. “Existing and future customers will benefit greatly from this combination, allowing them to buy cutting edge, modern biometric software, backed by our experienced support group, replacing outdated legacy systems, and providing customers with a path of ongoing innovation.” – comments Mr. Parthe.
About TECH5®
TECH5 Group is an international technology company founded by experts from the biometrics industry, which focuses on developing disruptive biometric and digital ID solutions through the application of AI and Machine Learning technologies. A combination of sustained investment and single-minded dedication to the development of biometric modalities that capitalize on AI has resulted in TECH5’s algorithms being consistently ranked in the top tier of NIST ranking for face, fingerprint, and iris recognition.
Website: www.tech5.ai
Media Contact: Yulia Thomas, VP Marketing, TECH5® Group
About Imageware®
Imageware identifies, verifies, and authenticates who people are, not just what keys and codes they have. Our Cloud-based, multimodal biometric solutions provide faster, accurate identification to better secure communities, data, and assets. Imageware solutions are trusted globally by government agencies, law enforcement and private enterprises. Imageware: Identity with Biometric Certainty. For more information, please visit www.imageware.io.
Forward-Looking Statements
Any statements contained in this document that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Words such as “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “intend,” “may,” “plan,” “project,” “predict,” “if,” “should” and “will” and similar expressions as they relate to Imageware are intended to identify such forward-looking statements. Imageware may from time-to-time update publicly announced projections, but it is not obligated to do so. Any projections of future results of operations should not be construed in any manner as a guarantee that such results will in fact occur. These projections are subject to change and could differ materially from final reported results. Factors that may cause the projections to change or differ may include, but are not limited to, the ability to of the Company to continue to grow revenue, the ability to decrease operating expenses and continue to grow profit margins, and the Company’s ability to continue to achieve positive cash flow given the Company’s existing and anticipated operating and other costs. For a discussion of additional risks and uncertainties, see “Risk Factors” in Imageware’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, and its other reports filed with the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made.