Acuant has formally completed its acquisition of IdentityMind. The two companies have been strategic partners in the past, though the acquisition is obviously a more permanent arrangement.
The acquisition will allow Acuant to integrate IdentityMind’s Digital Identity Platform into its own Trusted Identity Platform to offer a more comprehensive digital identity and fraud prevention solution. The solution will allow customers to manage third-party data and technology sources across multiple channels through a single API, with IdentityMind’s orchestration hub helping to deliver an improved user experience overall.
“Businesses must rely on trusted identities to successfully fight fraud and stay compliant,” said Acuant President and CEO Yossi Zekri. “Our Trusted Identity Platform, now with IdentityMind’s orchestration layer, creates a new standard in identity verification.”
Accuant’s technology is compliant with the latest know-your-customer (KYC) and anti-money laundering (AML) regulations, including GDPR and CCPA standards. Acuant also holds ISO 27001 and SOC 2 certifications. The company’s portfolio now includes upwards of 30 patents, more than 10 of which come to the company through the IdentityMind acquisition.
“Establishing trust in customers and understanding risk is a vital part of success in the digital world,” added IdentityMind CEO Garrett Gafke. “There is more Trusted Identity innovation to come and we look forward to working with Acuant to make it happen.”
In December, Acuant indicated that it was on track to generate record revenue in 2019. The acquisition of IdentityMind should help the company build on that success and make its Trusted Identity Platform more appealing to organizations looking for a secure identity solution. To that end, the company also recently upgraded its image capture and liveness detection capabilities, and has since formed a partnership with the Ceevo Group. The global payment services provider will be utilizing the Trusted Identity Platform to carry out customer onboarding and ID proofing.