Baltimore Technologies Plc, the Irish-American e-commerce security firm has landed a contract with global banking alliance Identrus. It will provide certification, authentication and other security services for all the banks who enroll in Identrus’ e-commerce framework. It’s very significant for us, said Baltimore’s CEO Fran Rooney.
Identrus intends to enlist between 50 and 60 financial institutions within six months and 300 in total, said John Bullard, director of participant relations. Baltimore typically makes between $500,000 and $1m per contract, says Rooney. He doesn’t do the calculations aloud, but the final revenue potential of $150m is something of a coup for the Dublin, Ireland and Boston, Massachusetts-based firm, which recorded revenue last year of $30m.
Baltimore defeated competition from Entrust, Certco, GTE CyberTrust and Verisign. Rooney said that Baltimore’s hierarchical security framework allows authorized banks to issue their own certificates and policies.
