Intellicheck Company Profile

Background

Intellicheck, Inc., established in 1994 and headquartered in Melville, New York, is a technology company specializing in identity verification and fraud prevention solutions. The company's mission is to deliver on-demand digital and physical identity validation solutions for Know Your Customer (KYC), fraud prevention, and age verification needs across North America. Intellicheck serves a diverse clientele, including financial services, fintech companies, Buy Now Pay Later (BNPL) providers, e-commerce and retail businesses, law enforcement, and government agencies.

Key Strategic Focus

Intellicheck's strategic focus centers on providing seamless and accurate identity validation solutions that integrate effortlessly into client workflows. The company's core objectives include:

Enhancing Security Measures: By offering real-time ID verification, Intellicheck aims to reduce fraud and identity theft incidents.

Improving Customer Experience: The solutions are designed to be frictionless, ensuring minimal disruption to end-users.

Expanding Market Reach: Intellicheck targets various industries such as automotive, title insurance, retail, e-commerce, banking, and fintech.

The company's primary technologies include:

Instant Validation: Scanning barcodes from IDs in the U.S., Canada, Mexico, and territories to determine authenticity in less than a second.

Facial Match Recognition: Utilizing facial match and liveness detection to ensure the person presenting the ID matches the ID photo.

Risk Scoring: Conducting risk assessments through third-party data to identify criminal records and other risk factors.

Trends & Analytics Reports: Providing immediate, accurate, and shareable reports tracking transactions and trends.

Financials and Funding

As of the fiscal year ending December 31, 2023, Intellicheck reported:

Revenue: $18.91 million, marking an 18.41% increase from the previous year.

Market Capitalization: Approximately $50.6 million.

The company has raised a total of $7.8 million in funding over two rounds and is publicly traded on NASDAQ under the ticker symbol IDN.

Technological Platform and Innovation

Intellicheck's proprietary technologies set it apart in the identity verification industry. Key components include:

Intellicheck Identity Platform: A comprehensive solution offering multiple access options such as mobile applications, web portals, direct integration, and capture modes.

State Aware Software: This solution provides or restricts information electronically scanned from an ID based on state laws where the ID is scanned.

Leadership Team

Intellicheck's leadership comprises experienced professionals dedicated to advancing the company's mission:

Bryan Lewis: President and Chief Executive Officer since 2020, bringing extensive experience in financial services and technology sectors.

Adam Sragovicz: Chief Financial Officer, appointed in September 2024, with a background in financial planning and analysis, previously serving as CFO at Presidio Property Trust.

Jonathan Robins: Chief Technology Officer, overseeing technological advancements and product development.

David Jurgens: Head of Channel and Technology Alliances, focusing on strategic partnerships and alliances.

Leadership Changes

In August 2024, Intellicheck announced the appointment of Adam Sragovicz as a senior financial executive, transitioning to the role of Chief Financial Officer on September 1, 2024, succeeding Jeff Ishmael.

Competitor Profile

Market Insights and Dynamics

The identity verification market is experiencing significant growth, driven by increasing concerns over fraud and identity theft. Intellicheck operates in a competitive landscape with several key players offering similar solutions.

Competitor Analysis

Notable competitors include:

Lightico: Offers collaboration solutions designed to enhance customer service and sales processes.

Sift: Provides AI-powered fraud detection systems for businesses of all sizes.

SEON. Fraud Fighters: Delivers risk prevention solutions with a focus on flexibility and automation.

Signifyd: Specializes in e-commerce fraud protection with a commerce protection platform.

FullCircl: Combines comprehensive company information sources to uncover business opportunities and understand risks.

Strategic Collaborations and Partnerships

Intellicheck has engaged in strategic partnerships to enhance its market position and innovation capacity. For instance, in April 2024, the company partnered with the City of Clemson to equip businesses with an ID scanning app to address underage drinking.

Operational Insights

Intellicheck's competitive advantages include:

Hardware-Free Solutions: The identity validation platform requires no additional hardware, reducing installation and maintenance costs.

Industry-Leading Accuracy: Proven accuracy rates with components like instant validation, facial match recognition, risk scoring, and analytics reports.