Introduction
In a significant development in the world of identity verification, TechCrunch has learned and confirmed that Onfido, a London-based startup, is being acquired by Entrust, a privately-held company providing certification and verification services. The deal, which is expected to be valued at over $400 million, marks a major milestone for both companies.
About Onfido
Onfido was founded in 2012 by Husayn Kassai, who was then a student at Oxford University. He later co-founded the company with Eamon Jubbawy and Ruhul Amin. The startup has been at the forefront of identity verification using computer vision, machine learning, and other AI tools. Onfido’s Atlas AI is one of its flagship products, which provides advanced identity verification capabilities.
Background on Entrust
Entrust is a privately-held company that has been around since the 1990s. It was previously known as Datacard, which acquired Entrust in the past. The company has an extensive array of services and has established itself as a credible player in sensitive verticals such as government and financial services.
The Deal
According to sources close to the deal, Entrust is acquiring Onfido for a figure "well above" $400 million. The deal marks a significant milestone for both companies, with Onfido expanding its reach globally through Entrust’s established networks.
Why This Acquisition Matters
This acquisition is significant because it combines the strengths of both companies in identity verification and security. With Entrust’s proven track record in providing secure identity solutions and Onfido’s advanced AI-driven identity verification capabilities, the resulting entity will be well-positioned to provide comprehensive digital identity management solutions.
What’s Next for Both Companies
The acquisition is expected to lead to significant growth opportunities for both companies. Onfido will benefit from Entrust’s established customer base and global reach, while Entrust will gain access to Onfido’s advanced AI-driven identity verification capabilities.
Reaction from Onfido
Onfido has released a statement regarding the acquisition: "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." Mike Tuchen, Onfido’s CEO, added that "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."
Why This Acquisition Matters for the Industry
This acquisition is significant because it marks a major milestone in the development of identity verification and security solutions. As more companies rely on digital identities, the need for secure and reliable identity management solutions will only continue to grow.
Conclusion
The acquisition of Onfido by Entrust is a significant development that has far-reaching implications for the industry. With the resulting entity poised to provide comprehensive digital identity management solutions, this deal is expected to drive growth and innovation in the field of identity verification and security.
