MCLEAN, Va., May 9, 2017 /PRNewswire/ -- WidePoint Corporation (NYSE Mkt: WYY) a leading provider of Managed Mobility Services (MMS) specializing in Cybersecurity and Telecommunications Lifecycle Management (TLM) solutions, announced today that it has acquired the assets of Probaris' Probaris ID Identity Management System software suite (Probaris ID®).
The strategic purchase adds biometric capture and identity vetting capabilities to WidePoint's intellectual property along with new contracts, partners, and other related assets. WidePoint's proprietary identity management offerings are enhanced by the acquisition of Probaris ID, which can serve as a registration authority for enterprises and government agencies that need to issue and manage digital identities.
Jeff Nyweide, chief executive officer of WidePoint, said, "The acquisition of this established, industry-leading software enhances our proprietary identity management offerings, expands our customer reach, provides additional revenue opportunities, and brings in house current licensed software. The acquisition also provides us the opportunity to support several new federal agency relationships with a new partner that could generate millions of dollars of additional high-margin revenues for the company, while securing and enhancing WidePoint's proprietary identity management credentialing intellectual property."
Probaris ID was developed to be highly configurable, multi-tenant, multi-token, and identity-centric. It is fully compliant with the Identity Management System (IDMS) standards specified in FIPS 201, PIV, PIV-I, and related publications. It serves as the single user interface to multi-component identity solutions that can include biometric capture devices (e.g., cameras, fingerprint scanners), personalization devices (e.g., printers), and physical access systems. It has been pre-integrated with many of the leading providers and components in the identity solutions market. It is ideally suited for organizations that need to manage large user populations, with many users who need access to sensitive information or facilities.
WidePoint acquired the assets of the Probaris Technologies Probaris ID® Software Suite for approximately $400,000, which includes an upfront cash payment of $300,000, a contingent performance-based payment of $100,000, along with certain other revenue sharing-based arrangements.
WidePoint is a leading provider of secure, cloud-delivered, enterprise-wide information technology-based solutions that can enable enterprises and agencies to deploy fully compliant IT services in accordance with government mandated regulations and advanced system requirements. WidePoint has several major government and commercial contracts. For more information, visit www.widepoint.com.
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Brett Maas or David Fore
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SOURCE WidePoint Corporation