Entrust: Betting big on AI-powered ID Verification
Over the past few years, Entrust has become a global leader in fields including trusted payments, identity and data security.
Further evidence of this comes in the form of news that the company has entered into exclusive discussions to acquire London-based Onfido, itself a leading light in cloud-based, AI-powered identity verification (IDV) technology.
With this prospective acquisition, Entrust would add a market-leading, compliant AI/ML-based biometric and document IDV tech stack to its portfolio of ID solutions.
What’s more, the Minnesota-based organisation would have the opportunity to advance the use of biometric-based, highly phishing-resistant authentication in high-value transactions and signing events.
“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,” says Todd Wilkinson, President and CEO at Entrust.
“With the emergence of AI-based attacks, the ID 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 ID verification will be critical to ensuring security, privacy and trust in these high-value, digital-first interactions.”
The growth of an ID and security leader
Entrust can trace its roots back to 1969 as DataCard Corporation
Over the ensuing years, the business has: enabled reliable debit and credit card purchases with its card printing and issuance technologies; protected international travel with border control solutions; created secure experiences on the internet with SSL technologies; and safeguarded networks and devices with its suite of authentication products.
The Datacard Group acquired a company called Entrust Inc in 2013, and expanded its portfolio to include the Entrust public key infrastructure, certificate and software authentication platforms.
A year later Datacard Group rebranded as Entrust Datacard, and then as Entrust in 2020.
Today, Entrust keeps the world moving safely by enabling strong identities, secure payments and protected data.
The firm offers an unmatched selection of solutions that are critical to the future of secure enterprises and governments, the people they serve, and the data and transactions associated with them.
Entrust’s workforce of more than 2,500 employees serves customers in more than 150 countries, while its network of global partners includes Visa, Mastercard, Microsoft and ServiceNow.
Entrust looks set to acquire Onfido
Founded in 2012, Onfido makes it easy for people to access services through digital verification.
The company’s annual recurring revenue (ARR) stands at more than US$130 million, while more than 1,200 global customers include some of the world’s leading financial institutions, e-commerce, gambling and gaming companies, and sharing economy platforms.
Entrust’s potential acquisition of Onfido would bring industry-leading technology together to provide enhanced, identity-based solutions that enable trusted, secure interactions at scale for people, enterprises and institutions.
“We’re excited to be entering into early and exclusive discussions with Entrust to potentially expand access to the most advanced and secure digital ID verification solutions worldwide,” adds Mike Tuchen, CEO at Onfido.
“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 ID verification and Entrust’s proven identity security solutions would make a new world of digital trust possible.”
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