Digital identity: Entrust looking to acquire Onfido
US giant would thus get a hold of UK firm’s AI tech, particularly its image analysis solutions.
The US digital identity leader, Entrust, announced in early February 2024 that it had entered into exclusive talks to acquire the British ID check specialist, Onfido. Created in London in 2021, the latter develops ID tech relying on AI, particularly in regard to image analysis. Entrust did not provide any numbers, but sources interviewed by Reuters estimate the offer at 650 million dollars (604 million euros).
Onfido’s sales exceeded 130 million dollars (121 million euros) in 2023. The UK firm has 1,200 clients around the world, including financial institutions, e-commerce businesses, and telecoms, like Orange. The company developed Atlas AI, a platform dedicated to the use of AI in ID checks.
For Entrust, AI is at the heart of changes in digital identity, as a tool to improve ID, but also as a source of risk. “The emergence of attacks relying on AI is a game-changer in terms of ID checks. The deepfake and counterfeit identity phenomenon requires strengthening ID checks around the world,” thus stated Todd Wilkinson, CEO of Entrust.