Onfido was founded in 2012 and gained prominence during the Covid-19 pandemic when the demand for digital identity verification tools surged. The company has been informally looking for a buyer for the past few years. The acquisition comes at a time when identity verification and certification technologies are in high demand due to increasing security and data breaches and the need for better data protection.
Key takeaways:
- Onfido, a London-based startup specializing in identity verification using AI tools, is being acquired by Entrust, a privately-held company providing certification and verification services.
- The acquisition price is said to be "well above" $400 million, but the deal is still awaiting regulatory approvals.
- Entrust plans to integrate Onfido's tools into its wider technology stack, enhancing its position in the identity lifecycle market.
- Onfido, founded in 2012, has seen significant growth due to the rise of AI and the increased need for digital identity verification tools during the Covid-19 pandemic.