Investorideas.com, a global news source and investor resource covering tech stocks issues an exclusive podcast interview with management of NXT-ID, Inc. (NASDAQ: NXTD )
President and CEO, Gino M. Pereira, and NXT-ID COO and Fit Pay, Inc. President, Michael Orlando share why they feel strongly about the progress of their companies and look forward to working together towards further growth.
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Pereira said that the acquisition of Fit Pay, which recently became a wholly-owned subsidiary of NXT-ID, expanded the opportunities for the company and would enable it to focus on growing its offerings within the Internet of Things market.
"We're excited about the technology of Fit Pay," said Pereira. "I think it mirrors what we have at NXT-ID. There's not a lot of overlap, and I think as a combined entity, it is extremely synergistic. It's really a case of one plus one can equal five. The combination of our technologies really enables us to be a major player in the wearable IoT space. So, we'll be focused on that moving forward, particularly in two major areas: payments and healthcare."
The Fit Pay acquisition also brings managerial benefits to NXT-ID, which Pereira said will enhance the company.
"The relationships and additional management that Fit Pay brings to the group are incredibly valuable," he said. "The management team is very talented. They have experience building businesses and managing very large portfolios, so I expect that to be very accretive to the company."
Orlando, who was recently appointed to the NXT-ID Board of Directors and named as Chief Operating Officer for the company, said that the combined technology team resulting from the acquisition created a new range of capabilities.
"There's a lot of technology synergies in the way our now collective teams have both looked at the development of technologies and how we've approached attacking similar problems, but from different perspectives," he said. "By combining the hardware and authentication expertise of NXT-ID with our platform delivery model, it's a really strong value proposition to the market."
Pereira said that NXT-ID's previous acquisition LogicMark, a provider of unmonitored personal emergency response devices (PERS), continued to show strong performance this year and remains a key asset to the company.
"The last two quarters have been successively record revenue quarters for LogicMark," said Pereira. "We're expanding the footprint of LogicMark into retail, so we're very optimistic about the company, and it's going to continue to grow and continue to contribute substantially to our bottom line."
Similarly, Pereira said that the flye smart card, which combines up to eight different credit and debit cards into one device, is reaching key milestones that show potential for long-term success.
"The flye card project is moving very well," he said. "WorldVentures further introduced the product to their members at an event they had in Miami a couple of weeks ago. They had about 10,000 participants, and it gave them an update on the status of the card. They were tremendously excited, and it was very well-received. Consequently, they are increasing the number of shipments that they're making to members. The long-term prognosis for the flye card project is going to be very successful."
Orlando said that Fit Pay's recent announcement that it was approved as a Visa Token Service Provider which was an important step forward for the company.
"The accreditation and certification of the Visa Token Service was the next layer in the commercialization of our platform," he said. "We've received similar accreditation from MasterCard earlier in the year, so now we've got the two largest global networks on our platform. We're the first to achieve that globally, so it's a unique position in the marketplace to bring our services to the market in that way."
Orlando noted that Fit Pay recently announced that it would be providing payment capabilities for Token, a biometric identity ring and that in the next year Fit Pay will begin to see additional results, which will validate the work they've put into the company.
"We've got 15 companies that we're working with at various levels of integration," he said. "A big chunk of those will launch products later this year or early in 2018. So, a lot of the work that we've put our blood, sweat, and tears into over the last three years, is about to come to fruition here in the coming months."
About NXT- ID, Inc.
NXT-ID, Inc. (NASDAQ: NXTD) provides a comprehensive platform of technology products and services that enable the Internet of Things (IoT). With extensive experience in access control, biometric and behavior-metric identity verification, security and privacy, encryption and data protection, payments, miniaturization and sensor technologies, NXT-ID develops and markets groundbreaking solutions for payment and IoT applications. Its industry-leading technology products and solutions include MobileBio(R), a suite of biometric solutions that secure consumers' mobile platforms, the Wocket(TM), a next-generation smart wallet and the Flye, a digital credit card developed in collaboration with WorldVentures.
NXT-ID includes three mobile and IoT-related subsidiaries: LogicMark, LLC, a manufacturer and distributor of non-monitored and monitored personal emergency response systems ("PERS") sold through dealers/distributors and the United States Department of Veterans Affairs; Fit Pay, Inc., a proprietary technology platform that delivers end-to-end solutions to device manufacturers for contactless payment capabilities, credential management, authentication and other secure services within the IoT ecosystem, and 3D-ID LLC, which is engaged in biometric identification and authentication. Learn more about NXT-ID at http://www.nxt-id.com.
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(END) Dow Jones Newswires
August 09, 2017 08:00 ET (12:00 GMT)