Gino Pereira, Chief Executive Officer, said, "We are very excited about our collaboration with Cisco as a Solution Partner and see it as a milestone for our business strategy moving forward. Having access to the Cisco Partner Ecosystem will play an important role in growing our business. Through this program we intend to provide biometric and encryption solutions involving facial recognition and later on, voice recognition."
According to Transparency Research, a next generation provider of syndicated research, the global video surveillance and video surveillance as a service (VSaaS) market is expanding at a CAGR of 17.0% from 2016 to 2024. By the end of 2024 it is expected to rise above US$88 bn, after being valued around US$21 bn in 2015.
MobileBio® FaceMatch® is a modular facial recognition technology that can be provisioned to compliment a variety of video surveillance and VSaaS platforms including smartphones, tablets, laptops and desktop computers. Depending on the number of cameras available and level of security desired, FaceMatch® uses advanced facial recognition algorithms to allow the user access to their device, data, or door.
The technology can be hosted on the device or configured to access cloud computing for remote authentication via NXT-ID's BioCloud® Authentication and Identity Management Services. The technology will also soon be available as an "app" on the iPhone and Android platforms.
The Cisco Solution Partner Program, part of the Cisco Partner Ecosystem, unites Cisco with third-party independent hardware and software vendors to deliver integrated solutions to joint customers. As a Solution Partner, NXT-ID, Inc. offers a complementary product offering and has started to collaborate with Cisco to meet the needs of joint customers.
For more information on NXT-ID, Inc go to: http://www.nxt-id.com
About NXT- ID Inc. - Mobile Security for a Mobile World
Nxt-ID, Inc. (NASDAQ: NXTD) is a security technology Company providing security for finance, assets and healthcare. The Company's innovative MobileBio® solution mitigates risks associated with mobile computing, m-commerce and smart OS-enabled devices. With extensive experience in biometric identity verification, security and privacy, encryption and data protection, payments, miniaturization and sensor technologies, the Company partners with industry leading companies to provide solutions for modern payment and the Internet of Things ("IoT") applications. The Company's wholly owned subsidiary, LogicMark, LLC, manufactures and distributes nonmonitored and monitored personal emergency response systems ("PERS") sold through the United States Department of Veterans Affairs ("VA"), healthcare durable medical equipment dealers and distributors and monitored security dealers and distributors. http://nxt-id.com/, http://wocketwallet.com/ , http://www.logicmark.com.
Forward-Looking Statements for NXT-ID: This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect management's current expectations, as of the date of this press release, and involve certain risks and uncertainties. Forward-looking statements include statements herein with respect to the successful execution of the Company's business strategy. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors. Such risks and uncertainties include, among other things, our ability to establish and maintain the proprietary nature of our technology through the patent process, as well as our ability to possibly license from others patents and patent applications necessary to develop products; the availability of financing; the Company's ability to implement its long range business plan for various applications of its technology; the Company's ability to enter into agreements with any necessary marketing and/or distribution partners; the impact of competition, the obtaining and maintenance of any necessary regulatory clearances applicable to applications of the Company's technology; and management of growth and other risks and uncertainties that may be detailed from time to time in the Company's reports filed with the Securities and Exchange Commission.
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