In a momentous move, Entrust which is a leading provider of certification and verification services, has confirmed its achievement of Onfido. It is a London-based startup that specializes in identity verification using computer vision and other AI tools. Sources indicate that the deal was struck for a sum “well above” $400 million.
Entrust is a privately held company with a rich history dating back to the 1990s. it offers a wide range of services related to payment cards, passwords, network access, etc. By integrating Onfido’s cutting-edge tools into its technology stack, Entrust aims to solidify its position across the entire identity lifecycle. The acquisition underscores the growing importance of AI-based solutions in the field of identity verification.
Onfido was founded by Husayn Kassai, Eamon Jubbawy, and Ruhul Aminhas in 2012. It has been a pioneer in digital identity verification. Its AI-powered tools gained eminence during the pandemic as digital transactions surged, emphasizing the need for vigorous verification processes. Despite facing economic challenges post-pandemic, Onfido remained a key player in the industry, attracting investment from notable firms like TPG, Salesforce, and Microsoft.
The acquisition represents a strategic move for Entrust, which boasts an annual revenue of nearly $1 billion and serves a diverse clientele, including governments, major banks, and large enterprises worldwide. As the integration progresses, the combination of Entrust’s established presence and Onfido’s advanced AI capabilities is poised to reshape the landscape of identity verification.
In conclusion, in a significant development, Entrust has acquired Onfido, an AI-based identity verification startup, for a sum exceeding $400 million. This strategic move aims to strengthen Entrust’s position in the identity lifecycle domain by integrating Onfido’s advanced tools. The acquisition underscores the growing importance of AI-driven solutions in identity verification, particularly as digital transactions surge. With Entrust’s established presence and Onfido’s expertise, the landscape of identity verification is poised for transformation.
Read More: Call for Proposals: Educational Video Production Services for NAIRR Pilot
Read More: Meta to Label AI-Generated Images on Instagram and Facebook Amid Concerns of Misinformation
