Onboarding and authentication specialist Onfido has acquired a pioneering biometrics innovator. Called EYN, the target has developed a unique approach to liveness detection via mobile devices; its solution emits audible and ultrasound wavelengths that can be used to detect the presence of the person using a given device. In a statement announcing the acquisition, Onfido characterized the technology as being similar to sonar.
Financial terms of the acquisition have not been disclosed, but Onfido indicated that EYN’s employees will join its research and biometrics teams, and that EYN’s patented LiveProof solution will be integrated into Onfido’s Real Identity Platform.
“As we continue to increase our investment in research and development to fill out our arsenal of tools to fight fraud, we’re pleased to welcome the EYN team to the Onfido family,” said Onfido CEO Mike Tuchen. “By combining their LiveProof anti-spoofing technology with our existing image-based liveness detection, we’ll be able to offer a liveness product that is unmatched in the industry.”
The acquisition was announced alongside results for a record-breaking third quarter. The privately held company is a leader in the booming area of selfie-based biometric identity verification, and saw a 93 percent year-to-date increase in global revenues as it doubled annually recurring revenues.
Onfido said that its growth was driven mainly by financial services and mobility companies, and that it was strongest in the US and APAC markets. That having been said, the company previously reported a 212 percent year-over-year revenue increase from the DACH region of Europe this past summer, with the overall picture being one of strong global growth.
Finally, Onfido also offered another big indicator of its growth in two new executive hires. Faisal Chughtai, the former Chief Financial Officer of Inxeption and former JPMorgan Chase Executive Director, is Onfido’s new CFO; and former Talend VP and Vista Consulting Group executive Nello Franco has joined the team as Onfido’s Chief Customer Officer.
Commenting on the appointments, Tuchen explained that Franco’s role will be to drive “cross-functional initiatives” aimed at ensuring that Onfido’s marketing, sales, and client relations teams are coordinating effectively to serve customers; and Tuchen highlighted Chughtai’s experience as a CFO and investment banker, noting his “deep experience with IPO, financing and M&A strategies.” Both new executives are based in the US.
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(Originally posted on FindBiometrics)
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