Entrust in exclusive talks to acquire ID verification solutions provider Onfido
Data security solution provider Entrust is in exclusive talks to acquire UK-based ID verification tech firm Onfido.
Entrust claims that the proposed deal will see the company add a “compliant AI/ML-based biometric and document IDV tech stack to its portfolio of identity solutions” as it bids to “provide enhanced identity-based solutions that enable more trusted and secure interactions at scale for people, enterprises, and institutions”.
Headquartered in Minneapolis, Entrust, formerly known as Entrust Datacard, offers payment, identity, and data security solutions for businesses and governments.
Onfido, if successfully acquired, will furnish the US fintech with its AI-powered identity verification technology, with Reuters reporting that the deal could potentially value the company at around $650 million.
Commenting on the proposed acquisition, which remains subject to regulatory approval, Todd Wilkinson, president and chief executive officer of Entrust, explains that “with the emergence of AI-based attacks, the identity verification game has changed”.
“Deepfakes and synthetic identity are driving a global need for a powerful level of identity assurance that facilitates crucial digital journeys in banking, finance, government, travel, and more.”
Mike Tuchen, Onfido’s CEO, proclaims that the combination of his company’s tech and Entrust’s identity security solutions would “make a new world of digital trust possible”.