Entrust set to buy ID verification startup Onfido

Onfido, a forerunner in AI-driven identity verification, is getting acquired by Entrust, a private company offering comprehensive certification services.

• Acquisition Details: Entrust plans to acquire the London-based startup, Onfido, for a hefty sum "well above" $400M, as reported by Tech Crunch. The acquisition awaits regulatory approval with no completion date set but intense negotiations are underway.

• Strategic Integration: Onfido's AI capabilities, including the Atlas AI, will bolster Entrust's technology suite. As per Entrust's CEO, Todd Wilkinson, the merger will place them at the forefront of identity management.

• Background Check: With roots dating back to the 1990s (and 1969 for Datacard), Entrust's journey currently fetches "just under $1B" in annual revenue. Onfido, born in 2012 during an AI wave, saw a surge in demand as the pandemic accelerated digital identity verification needs.

• The Bigger Picture: This move comes amid heightened cybersecurity concerns and the extensive need for robust digital identity verification systems. It signifies a strategic leap for Entrust to address today's security challenges more adeptly while showcasing the larger trend of consolidating stand-alone tech solutions into comprehensive platforms.

• Onfido's Voyage: Founded by Husayn Kassai at Oxford, and later joined by Eamon Jubbawy and Ruhul Amin as co-founders, Onfido flourished in the past decade, securing funding from companies like TPG, Salesforce, and Microsoft.

With digital trust ever-important, this merge could redefine access to sophisticated digital identity verification solutions for a global audience, says Onfido's CEO Mike Tuchen.