Digital identity company IdentityMind Global has agreed to be acquired by identity verification company Acuant five months after the two initially formed a partnership. Terms of the agreement were not disclosed.
The deal offers Acuant access to IdentityMind’s digital identity product, a SaaS platform that builds, maintains, and analyzes digital identities and helps companies perform risk-based authentication, regulatory identification, and detect and prevent synthetic and stolen identities.
While digital identity was a hot topic at the beginning of the year, it is even more so now that much of consumer interaction is being pushed from in-person to online channels.
“Never before has identity been so critical to building and maintaining a stable and productive economy,” said Acuant CEO Yossi Zekri. “Businesses must rely on trusted identities to successfully transact, fight fraud and stay compliant. Our Trusted Identity Platform, now with IdentityMind’s orchestration layer, creates a new standard in identity verification.”
Acuant has offered identity verification solutions for 20 years. Since then, the California-based company has completed more than one billion trusted transactions in over 196 countries. Today’s deal is Acuant’s second acquisition after purchasing AssureTec Technologies in 2016.
IdentityMind was founded in 2013 and has raised $21.5 million across three rounds of funding. The company most recently demoed at FinovateSpring 2018, showcasing its GDPR compliant KYC plug-in.