JERICHO, N.Y.--(BUSINESS WIRE)--Intellicheck Mobilisa, Inc. (NYSE MKT: IDN), an industry leader in identity authentication, verification and validation solutions, today announced the Company has signed a new long-term, multi-year agreement with a leading global provider of data-driven marketing, loyalty and credit solutions whose business lines manage more than 100 million consumer relationships for some of the world's leading brands. The Fortune 500 company's services include back-end processing and collection work for private label credit cards serving major retailers with thousands of retail locations. The global giant currently uses Retail ID™ in nearly a thousand retail locations, and that number is expected to grow dramatically under this new agreement.
The new renewal agreement migrates the multi-billion dollar publicly traded company from a legacy enterprise pricing model to the Company's new subscription-based pricing model and expands the use of Intellicheck's Retail ID technology solution. Retail ID provides immediate identity authentication, enabling retailers to reduce fraud, while increasing credit card and loyalty program enrollments by quickly auto-populating credit card and loyalty program application forms.
"This milestone achievement underscores our emphasis in working with our customers to transition and expand our relationships as we build momentum in executing our plan to shift from legacy enterprise agreements to a predictable, subscription based, recurring revenue model. In the coming months, we anticipate further announcements regarding the traction of our new SaaS product offerings as products go live in multiple locations," said Intellicheck CEO Dr. William Roof.
Retail ID reduces credit card fraud and enhances the customer loyalty and product purchase processes by reading driver licenses and other government-issued identification documents and instantly and accurately accessing the industry’s most up-to-date data sources to authenticate the ID and alert sales personnel of possible irregularities. Retail ID's key features include its ability to enable identification authentication from more than 200 unique Department of Motor Vehicles (DMV) barcode formats from all states and Canadian Provinces. Intellicheck’s proven solution increases credit card and loyalty program enrollments by providing an efficient sales process that delivers a premium customer experience with the rapid, accurate mapping and auto-population of standardized data into application forms. Retailers also benefit from the ability to rapidly deploy and integrate the Intellicheck solution with existing point-of-sale systems.
"This is one more strong indicator of the progress we are seeing as our re-engineered products continue to realize increased customer traction," commented Dr. Roof. "With our sharp focus on gaining new customers and expanding our relationships with existing clients, we expect to see additional growth in product adoption across product lines and markets."
Intellicheck Mobilisa's significant portfolio of 24 patents includes many pertaining to identification technology. Its identity solutions support customers in the retail, national defense, law enforcement, hospitality and financial markets. The Company’s products scan, authenticate and analyze components of identity documents including driver licenses, military identification cards and other government forms of identification containing magnetic stripe, barcode and smart chip information. Once extracted from the identity card, the information can be used to provide safety, security and efficiencies throughout these markets.
About Intellicheck Mobilisa
Intellicheck Mobilisa is an industry leader in identity authentication, verification and validation solutions in both the U.S. and Mexico. The Company holds 24 patents, including many patents pertaining to identification technology. Its identity solutions support customers in the national defense, law enforcement, retail, hospitality and financial markets. The Company’s products scan, authenticate and analyze components of identity documents including driver licenses, military identification cards and other government forms of identification containing magnetic stripe, barcode and smart chip information. Once extracted from the identity card, the information can be used to populate forms as well as provide safety, security and efficiencies throughout these markets. For more information regarding Intellicheck's innovative products, please visit www.intellicheck.com.
Cautionary Statement Regarding Forward Looking Statements
The statements in this press release that are not historical facts may constitute forward looking statements including, without limitation, the statements regarding Intellicheck Mobilisa's proposed offering, that are based on current expectations and are subject to risks and uncertainties that could cause actual future results to differ materially from those expressed or implied by such statements. Those risks and uncertainties include, but are not limited to, risks related to general market conditions, development and product commercialization activities, and the success of its research, development and expansion of sales and marketing team, plans and strategies. These and other risks and uncertainties are identified and described in more detail in Intellicheck Mobilisa's filings with the Securities and Exchange Commission, including, without limitation, its Annual Report on Form 10-K for the year ended December 31, 2014, its Quarterly Reports on Form 10-Q, and its Current Reports on Form 8-K. Intellicheck Mobilisa undertakes no obligation to publicly update or revise any forward-looking statements.
