Iddriven Inc (OTCMKTS:IDDR) jumped on the radar Thursday and was up 80% with volume cresting over 5M. IDDR released news earlier in October that it signed an LOI with ioSafe Inc. The latter company is a data storage company specializing in waterproof and disaster proof storage solutions. This deal is mostly in line with IDDR but mainly presented the company an option to grow through an acquisition.
Arend Verweij, CEO of IDdriven, Inc. stated, “As we stated in the past, if the right opportunities arise, we will use that if it is aligned with our goal to grow revenues and access to customers. ioSafe represents such an opportunity.” ioSafe has an installed base of over 100,000 units, with a customer base focused on security, disaster protection, and compliance. Robb Moore, CEO of ioSafe Inc. said: “Our customers all have a mindset focused around physical security and privacy. The software of IDdriven is a great complimentary solution for cyber-security and electronic access.”
Iddriven Inc (OTCMKTS:IDDR) promulgates itself as an enterprise software company that has developed and is now launching the next generation in Identity and Access Management (IAM) enterprise solutions into a demand driven market.
IAM helps end-users to ensure that access across multiple technological environments is granted only to the right individuals. The Company’s flagship product — IDDR — is designed to manage large volumes of users and access rights over various applications in hybrid environments (cloud and on-premise). The Company’s flagship product — IDdriven — is advertised as “a superior, next-gen hybrid cloud-based solution and the new state of the art software delivered as a service (Software as a Service or \”SaaS\”).”
According to IDDR materials, “It is dynamic, seamless, scalable, and flexible with the widest array of features. Its plug-&-play functionality enables a new, untapped SME marketplace. Industry analysts project the highly fragmented, demand-driven IAM market will double from $9.16 billion in 2014 to $18.30 billion in 2019, a 14.85% CAGR.”
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IDDR develops Identity and Access Management enterprise solutions. In plain words, this software helps users “ensure that access across multiple technological environments is granted only to the right individuals.” In particular, the most remarkable product developed is called IDdriven, which helps manage large volume of users“ and access rights over various applications in hybrid environments.”
IDDR is right in the thick of a sector that absorbs a lot of our current attention. The internal threat of data leaks and data breaches is real and is something that has to be mitigated with automated identity and access management systems like IDdriven. A problem that is growing as corporations are storing more personal and sensitive data and the ability to sell and monetize this data by ex/disgruntled employees is easier than ever before.
That said, IDDR should remain on our radars’ as they continue to look for opportunity and growth.
At this time, carrying a capital value in the market of 129,816.00 IDDR is not in the best position financially. As of the last reporting, IDDR had a valuation of $57k in total assets and $282k in total liabilities. Sales are also pretty nil. As we stated last time, the financials are not good but the sector could turn them into a comet at any moment, so it’s worth tracking at the very least. Sign-up for continuing coverage on shares of $IDDR stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!
Disclosure: we hold no position in $IDDR, either long or short, and we have not been compensated for this article.