SACRAMENTO, Calif., Oct. 20, 2016 /PRNewswire/ -- IDdriven, Inc. (OTCQB: IDDR), developer of the new breed of Identity and Access Management ("IAM") solutions, today announced it has been awarded a contract for its IDdriven-branded Identity as a Solution ("IDaaS") program from a government-owned West European utility company with about one thousand employees.
IDdriven was awarded a one-year contract, with automatic renewals, through a formal Request for Proposal (RFP) process that encompassed a months-long extensive competitive bidding process and exhaustive due diligence by the customer.
IDdriven was selected after competing head-to-head against several of the world's largest and best known global IT and IAM industry companies. Given the importance of the customer's services, which by its nature hold national security implications, it requires best-in-class solutions to meet its cyber-security related needs. The customer has fully implemented Phase I of the IDdriven solution for identity and access management including life cycle management, reporting, facility access and related security functions across its employees.
Commenting on the contract, Arend Verweij, IDdriven Chief Executive Officer, said, "After competing directly against a lineup of IAM and IDaaS industry '800-pound gorillas,' this is a big win for IDdriven.
"With a growing pipeline of valuable new business prospects, and having announced our new US Sales Director last month, we have strong marketplace momentum and expect our sales to accelerate now and throughout 2017," Mr. Verweij added.
While some of this contract's revenue will be booked into IDdriven's third quarter ended September 30, its first full quarter of production revenue will be recorded in the current, fourth quarter ending Dec. 31. With Phase I of this contract now implemented, the companies are collaborating on rolling out a Phase II which includes in-depth custom integration and subscriber expansion.
With its next-generation IDaaS program of the same name, IDdriven, Inc. is at the forefront of the new breed of Identity Management and Access Governance solutions. Taking the complexity and upfront costs out of implementation, IDdriven is trusted to protect a company's most vulnerable assets. Founded in 2013, IDdriven is headquartered in Sacramento, California. To learn more, visit: www.IDdriven.com.
Forward-Looking Statement Disclosure
This news release contains "forward-looking statements." Such statements may be preceded by the words "intends," "may," "will," "plans," "expects," "anticipates," "projects," "predicts," "estimates," "aims," "believes," "hopes," "potential" or similar words. Forward-looking statements are not guarantees of future performance, are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond IDdriven's control, and cannot be predicted or quantified and consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks and uncertainties associated with (i) commercialization of our software programs, (ii) development and protection of our intellectual property, (iii) industry competition, (iv) we may need to raise capital to meet business requirements. More detailed information about IDdriven and the risk factors that may affect the realization of forward looking statements is contained in our filings with the Securities and Exchange Commission which are available on our website and at www.sec.gov. IDdriven assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise.
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SOURCE IDdriven, Inc.