Imageware Systems Inc (OTCMKTS:IWSY) a leader firm in multi-modal biometric identity managing offerings released corporate update. Jim Miller, the Chairman and CEO, said that the company’s plan is to target giant IT service provider firms and offer security for their cloud clients.

The model relies on partners and, therefore company have established very strong relationships with Fujitsu, Deutsche Telekom, IBM, TransUnion, CA Technologies, and, recently, with Agility and Extenua. These firms remain in the evaluation and implementation stage and have restated their commitment to Imageware.

The expert comments

The CEO further added that while Imageware team certainly anticipated some of these alliances to be generating revenues today; it is significant to remark that the company is dealing with reputed organizations. All of them are methodical and thoughtful about the launch of company’s transformational software.

Even in some alliances, the companies are designing and refining their marketing and sales strategy, which will work as the platform for product launch. And in remaining cases, the companies intend to incorporate Imageware software into new systems that they require to still develop.

The advancements

In the first quarter, Imageware ended first SaaS installation and commenced to make revenue on per transaction basis with on premise production form of Go CloudID. It provided facial and fingerprint recognition biometrics for more than 80,000 current users and facilitated production of more customers at the rate of 15,000 to 20,000 per month.

Imageware Systems Inc (OTCMKTS:IWSY) recently initiated advanced talks with some of the other large, private sector firms that would develop on the seven commercial associates that company has signed currently. The ability and size of partners makes the strong base for promising outlook in the coming quarters.

In last trading session, the stock price of IWSY declined more than 6% to close the trading session at $1.63. The decline came at a share volume of 138,659 compared to average share volume of 61,494.