The company has licensed the patented technology to multiple financial institutions, telecommunications companies, crypto currency companies including Microsoft, and owns global licensing rights to Two Factor Authentication Patents in the United States, Canada and South Korea. The company provides licensing of these patents to financial institutions, telecommunications companies, cryptocurrency firms, and technology providers; acquires similar technology patents; and partners and develops software with other companies.
Cyborg Score Rationale
While Verify Smart Corp. holds valuable patent IP for widely-adopted 2FA/MFA technologies with established licensee relationships, the company trades on OTC Pink markets with limited recent financial disclosure. The business model relies on patent licensing revenue, which is capital-efficient but faces execution risks around patent enforcement, market adoption of new offerings, and competitive threats from major technology companies developing their own authentication solutions.
Top Insights
Since March 2009, the company has been developing and selling internet security software for the prevention of credit and debit card fraud, currently offering Two-Factor Authentication (2FA) and Multi-Factor Authentication (MFA) services around the world.
The company has secured exclusive global licensing rights to this disruptive technology which is the subject of United States Patent (#8,285,648 B2), South Korean Patent (#10-1309594), Canadian Patent (#2664680), and a pending European Patent Application.
In March 2023, Annamarie Seabright was appointed as Executive VP of Communications and Chief Communications Officer, bringing over twenty-two years of experience in public relations and communications.
In a recent shareholder decision, the Board of Directors was increased by four seats to expand leadership.
Named Competitors
Azure AD — Enterprise identity and access management with MFA
AWS Identity and Access Management — Cloud-native authentication and authorization service
Google Cloud Identity — Identity and access management for enterprise
Okta — Identity and access management platform
Recent Developments
(March 2023) Appointed Jean-Marc Zimmerman as General Counsel with 30+ years experience in corporate and patent law
(March 2023) Appointed Jeffrey Stein, Esq. as Securities Counsel overseeing all legal affairs related to securities law
(March 2023) Appointed Annamarie Seabright as Executive VP of Communications and Chief Communications Officer
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