Eyeonid Group AB (publ) signs an exclusive cooperation agreement whit Sinew Software Systems Pvt Ltd regarding their Password Manager, Enpass

Eyeonid Group AB (Eyeonid) have today signed an exclusive distribution- and cooperation agreement for the European market with Sinew Software Systems Pvt Ltd (Enpass) regarding their Password Manager (Product).

As part of being able to offer the most complete and best service offering to our partners in what is called ID-security, Eyeonid have been evaluating several password managers for its customer friendliness as well as the technology behind to find and add such a module into Eyeonids customer offering.

The Enpass Product is in fact more than a regular password manager where you as a user in a safe and secure way can add your passwords. In fact, it’s a secure vault where you can store sensitive digital PII data as well as other sensitive digital data such as passwords, credit card information, passport information, digital documents etc. In addition to storing sensitive digital data the Product contains several well developed and smart additional features. The Product also meet the strict requirements by Eyeonid on compliance, highly innovative features as well as required security methodology. Important note is that the Product application as well as all data being added by the user is saved and stored locally on your computer, tablet, smartwatch or mobile phone and not in the cloud.

The cooperation- and distribution agreement consists of:

•  Eyeonid have the right to offer and distribute the Product as a non White-Label and White-Label Product to partners globally.
•   Eyeonid have the exclusive right on the European market to offer and distribute the Product as a non White-Label and White-Label Product to partners.
•  The EyeOnPASS (password check) service shall be implemented in the Product to partners of Eyeonid.
•  The Parties looks at the possibilities of integrating EyeOnPASS in the Product for all of Enpass users and were a PoC (Proof of Concept) have verified that the EyeOnPASS service generates a higher result of hits than the current solution (the database of leaked password in EyeOnPASS is bigger).
•  As part of the cooperation the Parties will jointly work to assess the opportunities of integrating other ID- and security related features from the parties in its respective product offerings.
  
  

The financial terms of the cooperation agreement are built on Revenue Share models, meaning that the Parties will receive a revenue share of either the revenue paid by the Eyeonid partner or the revenue generated directly from an end user. The terms of the main agreement are two years and will be prolonged with an additional one year a sender if not terminated by either party. For each new Eyeonid partner a customer addendum will be added to the main agreement. The customer addendums agreement period overrules the main agreement and outlive the main agreement if main agreement is terminated before a customer addendum period has come to an end. Eyeonid is entitled to revenue share over 3 years on revenue generated from previous Eyeonid partner users who after the service period with the partner have decided to continue to buy the Product directly from Enpass.

The parties will now implement the integration between the parties’ systems alongside that Enpass prepares for a major release of the Product during late fall, that also entails a changed offering model of its Product. The planed “go live” dates are set year end 2019 for the non White-Label offering and by the latest February 2020 for the first White Label launch.

” After some time now, we have seen a success for our product Enpass in the market, that has shown a steady growth of new users, we see this new cooperation as yet another important step to a faster advance our position in the market. Beside the fact that the agreement can generate a large number of new users, the agreement will also enable new integration and innovations between the companies that are equally interesting. We look forward to an exciting cooperation and a long-term business relationship”, says Hemant Kumar, CEO Sinew Sofware Systems Pvt Ltd.

”It feels very good to have closed this agreement. For me EyeOnID is an innovation company working with our own developed solutions as well as with partners and together we build new smart future proof and business relevant solutions for the market. The cooperation with Enpass is a very good example how we drive this kind of innovation work.

The agreement signed today is also the foundation for further possibilities to offer EyeonID’s services through Enpass globally. Furthermore, this will open up for new offerings and packaging towards new target groups with in primarily the B2B market for business customers.

We have now come to the phase were we really offer a true end-to-end solution for our partners. Within our industry we have not yet identified anyone else with the capacity or capability to provide the same. Our offer today reaches from proactive ID-monitoring, where we can monitor over 100 connected PII (Personally Identifiable Information) assets (E-mail, Passwords, Credit card numbers, Personal ID numbers, IP-addresses, Phone numbers etc etc.), several ”360 Moules”, Password Vault, insurance, assistance services as well as payment solutions. All this packaged under white label via API or a cloud-based Portal where EyeOnID as the enabler offer partners a connection to all services. The team led by Daniel Söderberg, as RnD responsible, have ensured that we have reached a very strong solution and commercial agreement and I’m very proud over the job delivered, Patrik Ugander, CEO Eyeonid Group AB (publ).

For any further information, please contact:  

Patrik Ugander, CEO Eyeonid Group AB (publ)
Phone: +46 705 440 168
Mail: patrik.ugander@eyeonid.com 

Eyeonid was founded in 2014 and has since its inception developed a technically complex and advanced platform for proactive ID protection services. The company's service monitors and alerts customers when sensitive, private and corporate digital information, such as login credentials, credit card numbers and social security numbers, are found at unauthorized sites on the internet, whereupon the customer can act and protect himself.  

This information is information that Eyeonid Group AB (publ) is obliged to disclose under the EU Market Abuse Regulation. The information was provided, through the contact of the above contact person, for publication on July 11, 2019.  

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