If the acquisition proceeds, Entrust plans to incorporate Onfido's AI and machine learning-based biometric and document identity verification technology into its identity solutions portfolio. This move aims to enhance identity-based solutions for secure interactions at scale for people, enterprises, and institutions. Prior to the acquisition, Onfido raised $242 million in venture capital funding from investors such as TPG Growth, Microsoft Ventures, Salesforce Ventures, and Crane Venture Partners.
Key takeaways:
- Entrust Corp. is reportedly in talks to acquire British identity verification startup Onfido Ltd. for a sum possibly as high as $650 million.
- Onfido offers an automated digital identity verification platform designed to simplify digital identity, with over 1,200 business users globally.
- If the acquisition goes ahead, Entrust plans to add Onfido’s AI and machine learning-based biometric and document identity verification technology to its portfolio of identity solutions.
- Onifido has raised $242 million in venture capital funding, with investors including TPG Growth LLC, Microsoft Ventures Inc., Salesforce Ventures LLC and Crane Venture Partners.