New York, NY – March 26, 2013 – EyeLock Inc., a leading provider of iris-based identity authentication solutions today announced its strategic partnership with Stanley Security Solutions (SSS), part of Stanley Black & Decker (NYSE: SWK), the second largest commercial security services company in the United States and a leading provider of advanced integrated security solutions globally, to further commercialize EyeLock’s iris-biometric offerings.
EyeLock provides a suite of the most user-friendly, scalable and cost-effective iris-based identity authentication solutions, which will be an added differentiator to SSS’s existing security solutions. The EyeLock suite enables SSS to bolster its global distribution and organic growth strategy across key vertical markets, with a key focus on the financial services, banking, healthcare, industrial, education and government sectors.
EyeLock’s access control solutions are currently utilized across diverse markets including enterprise access, banking, healthcare, homeland security and border control applications. These installations effectively eliminate identity-related breaches and fraud by securely and accurately matching people with the unique biometric markers associated with their irises.
Under the terms of this strategic partnership, SSS has acquired the exclusive rights to distribute EyeLock’s proprietary technology, products and solutions for access control applications in the U.S., Canada and Europe. The partnership enables SSS to expand its expertise in providing high-level security solutions to existing clients. Additionally, the technology will be made available to the broader commercial market-at-large through a newly formed EyeLock Certified Dealer Program, which will expand SSS’s global reach and contribute to the Company’s organic growth strategy.
This partnership will also provide EyeLock with the financial and operational flexibility to accelerate and expand its portfolio of identity authentication solutions and focus on developing next generation applications for the mobile, cyber and logical access markets.
“EyeLock has invested in substantial development efforts over years to perfect an iris authentication system that is easy to use, effective and commercially attractive. This technology will help companies address issues that have been plaguing them for years, namely, that millions of dollars are lost annually to security breaches, identity theft and fraud,” said Jim Demitrieus, Chief Executive Officer, EyeLock. “SSS understands the game-changing impact that adoption of our technology will have for companies in the U.S. and abroad. We look forward to this partnership, which will significantly expand the reach, distribution and deployment of our technology, and also allow us to focus on future applications for EyeLock’s identity authentication solutions. With this partnership, SSS and EyeLock are well-positioned to lead the industry and change the way identity management and access control needs are served.”
About the Technology:
• The human iris has over 200 points that are unique from person to person; these points remain constant over one’s lifetime, making the iris the most stable biometric template available, second in accuracy only to DNA.
• The EyeLock suite of products recognizes a user’s iris at a distance while the person is in motion at the rate of approximately one person per second. The high throughput, accuracy and ease-of-use make this device a highly attractive product for commercial, industrial and high-density usage.
• EyeLock’s cost effective iris-authentication technology is replacing conventional card or key-based access systems. Significant enterprise savings are realized by avoiding the cost to replace lost or stolen cards or misuse of lost cards.
“Stanley’s partnership with EyeLock exemplifies our commitment to identifying, developing and marketing innovative and revolutionary technologies in the security industry,” stated Brett Bontrager, Senior Vice President & Group Executive, Stanley Security Solutions, for Stanley Black & Decker. “We believe the EyeLock technology is the most fundamental change in access control since the creation of the lock and key. For more than 150 years Stanley has been focused on bringing the most innovative technologies to the commercial, industrial, government, education and healthcare markets. Thanks to this partnership, our current and future clients will immediately start to realize the benefits of this iris-based technology.”
For more information on the SSS and EyeLock partnership, please visit www.stanleysecuritysolutions.com. For more information on EyeLock, please visit www.EyeLock.com.
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About EyeLock Inc.
EyeLock Inc. is a leading technology provider of iris-based identity authentication products and technology solutions. Transforming the way identities are authenticated and protected, the Company offers a broad suite of breakthrough solutions for the identity management, access control, border control and logical access sectors.
The proprietary, iris-based identity management solutions are cost-effective, scalable and easy-to-use iris recognition systems that operate while a person is in motion and at a distance. EyeLock delivers products and solutions where privacy, convenience and security are synonymous.
About Stanley Security Solutions
Stanley Security Solutions, a division of Stanley Black & Decker (NYSE: SWK), is a provider of integrated security solutions defining the future of the security industry. Stanley delivers a comprehensive suite of security products, software and integrated systems with a strong emphasis on service. Stanley is powered by a culture of continuous innovation, providing revolutionary technology and unmatched customer service to commercial, institutional and industrial businesses and organizations. We focus on complete customer transparency and operational excellence in the five customer touchpoints: account management, installation, service, monitoring and billing. Stanley takes pride in our signature approach to doing business – offering global resources, with a local touch. As one of the world's largest and most comprehensive security providers, we're protecting what's important to you by designing, installing, servicing and monitoring an extensive array of products and solutions that span the entire security spectrum:
• Intrusion, Fire, Access Control and Video Surveillance Systems
• Systems Integration & Vertical Market Solutions
• Automatic Entrance Solutions
• Door Locking Hardware, Closers & Exit Devices
• Master Keyed Systems
• Safe Lock & Vault Solutions
• RTLS Asset Visibility Solutions
• Iris Biometric Identity Authentication Solutions
• UL & Bilingual ULC Monitoring Services
• Real-Time, Online eServices