Entrust to Acquire Onfido
Entrust, a provider of trusted payments, identities, and data security solutions, plans to to acquire Onfido, a provider of cloud-based, artificial intelligence-powered identity verification (IDV) technology.
With this acquisition, Entrust would add a biometric and document IDV tech stack to its portfolio of identity solutions. Additionally, Entrust could advance the use of biometric-based, highly phishing-resistant authentication in high-value transactions and signing events.
"We chose to enter into discussions to acquire Onfido because we believe they have the best-in-class IDV team, capabilities, and tech stack in the world. 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. Step-up authentication using biometric-based, AI-driven identity verification will be critical to ensuring security, privacy, and trust in these high-value digital-first interactions," said Todd Wilkinson, president and CEO of Entrust, in a statement. "Onfido IDV solutions have proven their value in Europe's high-compliance environment. With the proposed acquisition of Onfido, Entrust would have the opportunity to provide unmatched identity security solutions at a time when they are needed most among enterprises and institutions."
"We're excited to be entering into early and exclusive discussions with Entrust to potentially expand access to the most advanced and secure digital identity verification solutions worldwide," said Mike Tuchen, Onfido's CEO, in a statement. "Digital identities are enabling new levels of simplicity and access for people across the globe. The potential of Onfido's powerful AI and machine learning-driven identity verification and Entrust's proven identity security solutions would make a new world of digital trust possible."