Trusted identities organisation Entrust has announced that it has entered into exclusive discussions to acquire London-based Onfido, a global leader in cloud-based, AI-powered identity verification (IDV) technology.
Onfido helps millions access services globally, from billion-dollar institutions to hyper-growth startups.
The company has safely processed more than 200 million identity checks with 2,500+ document types and passports from 195 countries. The Onfido platform allows businesses to tailor verification methods to individual user and market needs in a no-code orchestration layer – combining a mix of document and biometric verifications, trusted data sources, and passive fraud signals to meet their risk, friction, and regulatory requirements.
With this contemplated acquisition, Entrust would add a market-leading, compliant AI/ML-based biometric and document IDV tech stack to its portfolio of identity solutions. Additionally, Entrust would have the opportunity to advance the use of biometric-based, highly phishing-resistant authentication in high-value transactions and signing events. This potential acquisition would bring industry-leading technology together to provide enhanced identity-based solutions that enable more trusted and secure interactions at scale for people, enterprises, and institutions.
“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 chief executive officer, Entrust. “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.”
Founded in 2012, Onfido makes it easy for people to access services through digital verification. The company has over $130 million in annually recurring revenue (ARR) and more than 500 employees. Onfido’s over 1,200 customers globally include some of the world’s leading financial institutions, e-commerce, gambling and gaming companies, and sharing economy platforms.
Any agreement remains subject to regulatory approval and other steps required in accordance with applicable laws.
“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 chief executive officer. “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.”
Morgan Stanley & Co. LLC served as exclusive financial advisor and Wilson Sonsini Goodrich & Rosati served as legal counsel to Onfido. Moelis & Company LLC served as exclusive financial advisor and Latham and Watkins LLP served as legal counsel to Entrust.