Bioscrypt Inc. stock jumped 15 per cent in Toronto Tuesday after the Mississauga-based company said BearingPoint Inc. has selected its software and hardware for use in the U.S. Department of Homeland Security's prototype worker identification credential program.
Shares of the Bioscrypt, a maker of fingerprint-based biometrics technology, rose 27 cents to $2.10. The stock was heavily traded, with more than a million shares trading hands, compared with an average daily volume of 173,998.
In a press release, Bioscrypt said the $12-million program awarded by Washington to BearingPoint, a U.S.-based business consulting and systems integration company, is expected to last 11 months and cover about 200,000 transportation workers. It did not provide any financial details of the contract between it and BearingPoint.
The goal of the government's program is to improve security by establishing a system-wide common credential used across all transportation modes for those people who require access to secure areas of the national transportation system.
Bioscrypt's fingerprint verification technology will be used to verify the identities of transportation workers involved in this prototype program, the company said. “The Transportation Security Administration has previously announced that, following the prototype, its intent is to deploy the program to 6 million transportation workers.”
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