FISHERS, IN – March 25, 2013 – 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, today announced its strategic partnership with EyeLock Inc., a leading provider of iris-based identity authentication solutions. EyeLock provides a suite of the most user-friendly, scalable and cost-effective iris-based identity authentication solutions as 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.
“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.”
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.
“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.”
For more information on the SSS and EyeLock partnership, please visit www.stanleysecuritysolutions.com. For more information on EyeLock, please visit www.EyeLock.com.