IBT changes course after missing out on state biometrics contracts
A Nashville-based biometrics startup is generating revenue after reversing course on its business model and strategy, reports Nashville Business Journal.
Integrated Biometric Technology once pledged to bring 140 jobs to Tennessee to receive a state grant, 7 percent of which has been paid out so far, according to the report.
IBT was re-launched in 2021, and Carrol told Biometric Update at the time that the company has roots in background checks, and it acquired Tailored Solutions early in 2022 to extend its capabilities in that area.
Bids on state government contracts in South Carolina, Texas, and the company’s home state of Tennessee were unsuccessful. All three were won by Idemia, which IBT Founder and CEO Charles Carrol previously worked for. IBT was the runner-up for at least one of those contracts.
IBTs focus has since shifted towards travel applications, something which Carrol is also experienced with.
The company had hired 15 staff, and was forced to lay them all off after its unsuccessful bids for state contracts. At least one former employee has sued over unpaid wages, with the court finding IBT owes the former staff-person $58,000.
Carrol says that the state government contracts were less likely to be awarded to a new vendor during the pandemic, compared to an incumbent like Idemia.
An analyst tells Business Journal that the revenue from any of the contracts would have been sufficient to keep IBT afloat.
Now, Carrol tells the Business Journal that he believes IBT is in line for a portion of a federal government contract that could allow it to begin building up its staff again.
The company’s recent revenues have been generated by performing security assessments with full-time contractors.
