VerifyMe, Inc. (VRME) recently announced that one of a Forbes Top 50 Private Companies has notified to expand its initial contract further.
The company did not disclose the name of the contracting company upon request of brand’s owner because of the security reasons. But that Forbes Top 50 Private Company is involved in the worldwide business of selling beauty, nutrition, personal and home care products.
VerifyMe is a provider of technology solutions and specializes in the brand protection segment like authentication, data mining, counterfeit prevention, serialization, and track and trace features for products, packaging and labels.
The multi-billion brand is intending expanding use of RainbowSecure marking system of VerifyMe, as notified the brand’s owner to the company. The brand will use that marking system on some more of its products it has been supplying in three countries including Taiwan, Vietnam and Japan. The production is likely to be starting by December 2020 and is expected to be reaching the markets in these countries in first quarter of next year. Moreover, the global consumer product business is also in plans of leasing additional VerifyMe Smartphone Authenticators to be used by its inspection teams.
Because of its larger business size, the brand was printing packaging and labels of its own using HP Indigo printing press before signing a contract with VerifyMe in May 2019. VerifyMe acknowledges the significance of this additional opportunity from such a large client. Getting the initial contract expanded also demonstrates the ability of VerifyMe’s business model of winning and expanding business with any client.
Business like ours requires time as well as patience, said Patrick White, President and Chief Executive Officer of VerifyMe. The current expansion shows how long it takes a brand owner to thoroughly evaluate and decide upon use of new technologies like offered by VerifyMe. This particular client initially started using our technology on three of its products and now after a year it decided to expand use of that on more of its products and also in the new markets.