Entrust is in talks to acquire Onfido, a cloud-based, AI-powered identity verification technology, for a reported $400 million. If successful, the acquisition would support Entrust’s digital identity security portfolio by providing customers access to highly phishing-resistant authentication in high-value transactions and signing events, thanks to Onfido’s market-leading, compliant AI/ML-based biometric and document IDV technology.
Deepfake images, video and audio driven by AI-based attacks pose a real threat to banks, financial services companies and other potential victims of these new fraud tactics. To combat this emerging threat, various factors must be used to verify identities, making Onfido’s technology crucial in the fight against account-related fraud.
Entrust President and CEO Todd Wilkinson noted the global need for a powerful level of identity assurance amidst the rise of deepfake and synthetic identity threats. In banking, finance, government, travel, and beyond, step-up authentication using biometric-based, AI-driven identity verification will be crucial to ensuring security, privacy, and trust in high-value digital-first interactions.
Onfido’s identity verification solutions have proven their value in Europe’s high-compliance environment, making the potential acquisition of Onfido an exciting prospect for Entrust. The move would allow Entrust to provide unmatched identity security solutions at a time when they are most needed among enterprises and institutions.
London-based Onfido became one of the first companies to offer AI-based solutions for identity verification, and the company has undergone 14 rounds of investor funding. It serves over 1,100 companies and employs 600 people worldwide. The company has performed more than 200 million identity checks with more than 2,500 document types and passports from 195 countries. This widespread adoption and utility supports Onfido’s strong reputation and expertise in the field of digital identity verification.
Entrust, a pioneer payment, identity, and data security software and services provider, aims to enhance its offerings by acquiring Onfido’s technology. The acquisition aligns with its commitment to providing innovative and comprehensive identity solutions to its customers. This strategic move is part of a larger trend in the technology industry, where companies are investing in advanced identity verification technologies to adapt to evolving cybersecurity threats and digital ecosystem changes. Given the increasing prevalence of virtual transactions, driven in part by pandemic-related shifts, the demand for advanced digital identity verification solutions is only expected to grow.
While the financial terms of the acquisition remain undisclosed, sources close to the negotiations have indicated that the deal is worth more than $400 million. If the acquisition goes through, it could mark a significant milestone for both companies and further solidify their position in the rapidly evolving digital identity and security landscape. With the potential acquisition of Onfido, Entrust aims to fortify its position as a leading provider of identity security solutions, offering its customers access to the latest in biometric-based, highly phishing-resistant authentication technology for their digital interactions.
Onfido’s track record of success, coupled with its innovative AI-driven identity verification solutions, positions it as a valuable asset in the digital security space. As the talks between Entrust and Onfido progress, the industry will be closely watching the potential implications of this acquisition and how it could shape the future of digital identity security. Furthermore, given the increasing reliance on digital interactions across various sectors, the need for robust identity verification technologies is only set to grow, making strategic moves like this acquisition all the more significant.