BKYI - BIO-Key International to expand presence in EMEA region through latest acquisition; stock +9%

BIO-Key International (NASDAQ:BKYI) has agreed to acquire a privately-held identity and access management solutions provider - Swivel Secure Europe - based in Madrid, Spain. Stock is up 9% in premarket trading. Serving the EMEA markets, Swivel Secure has generated over $3.1M in revenue and $578K in operating income for FY21. Through this acquisition, BIO-key will be the exclusive distributor of Swivel Secure products throughout EMEA and will assume relationships with more than 300 customers spanning complementary markets including education, government, banking, finance, healthcare and manufacturing. The transaction is said to be accretive. Alex Rocha, Swivel Secure's sole stockholder and CEO, will assume responsibility for EMEA operations reporting directly to BIO-key’s Chairman & CEO. Closing of the transaction is expected in February 2022.

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BIO-Key International to expand presence in EMEA region through latest acquisition; stock +9%