Entrust Acquires Onfido: AI-Based ID Verification in a $400M+ Deal
TechCrunch has learned that Onfido, a pioneer in identity verification using AI and computer vision, is set to be acquired by Entrust in a deal worth over $400 million. The acquisition is still in the regulatory approval phase, but once finalized, Onfido’s AI tools will be integrated into Entrust’s technology stack, enhancing its position in the identity lifecycle.
Entrust, a privately held company providing certification and verification services, sees the addition of AI-based tools as a significant draw. With a stable financial platform and a broad customer base, the acquisition aligns with the current trend in consolidation of point solutions on larger platforms in the tech industry.
Onfido’s journey, starting from its founding by Husayn Kassai, has been marked by raising investments from leading firms and individuals, including TPG, Salesforce, and Microsoft. Its star rose significantly during the pandemic, as digital transactions became the norm, highlighting the crucial need for digital identity verification tools.
As the world increasingly relies on cloud-based digital services, the demand for robust identity verification and certification technologies is on the rise. The acquisition of Onfido by Entrust speaks to this need, as companies strive to provide secure and advanced solutions in the face of evolving cybersecurity threats.
Both companies are optimistic about the potential of integrating Onfido’s AI and machine learning-driven identity verification with Entrust’s proven identity security solutions, envisioning a new era of digital trust worldwide.
