- Data security solution provider Entrust is in exclusive talks to acquire UK-based ID verification tech firm Onfido.
- The proposed deal aims to add Onfido’s compliant AI/ML-based biometric and document identity verification (IDV) technology to Entrust’s portfolio of identity solutions.
- Entrust, headquartered in Minneapolis, provides payment, identity, and data security solutions for businesses and governments.
- Onfido’s AI-powered identity verification technology is sought after, and the potential acquisition could value the company at around $650 million.
- Onfido has previously secured partnerships with Tesco Bank and TSB.
- The acquisition is subject to regulatory approval, and Entrust’s CEO, Todd Wilkinson, highlights the changing landscape of identity verification with the emergence of AI-based attacks like deepfakes and synthetic identities.
- Onfido’s CEO, Mike Tuchen, sees the combination of Onfido’s technology and Entrust’s identity security solutions as enabling a new world of digital trust.
