UK-based technology group Onfido has engaged in advanced talks to sell its entire operation to US-based Entrust Corp according to Reuters. Onfido specialises in utilizing artificial intelligence for customer identity verification and could potentially be valued at approximately USD 650 million in the transaction, according to the same source.

Should an agreement be reached, an announcement is expected to follow shortly. In response to queries, Onfido representatives stated that they are excited to be entering into early and exclusive discussions for the company to be acquired by Entrust, an important entity in the field of trusted payments, identities, and data security. They also mentioned their inability to comment further until these discussions are finalised, subject to regulatory approval and local law.

Entrust Corp, formerly known as Entrust Datacard, provides identity verification and security solutions for various industries including payments and healthcare. The company has a history of acquisitions, having acquired Netherlands-based Evidos in 2022. The discussions between Onfido and Entrust Corp mark a significant development 12 years after Onfido was founded by Husayn Kassai, Eamon Jubbawy, and Ruhul Amin.

Onfido counts Salesforce's venture capital arm, Bain Capital, and TPG among its external backers, according to public filings. According to accounts filed at Companies House, Onfido reported a revenue increase of GBP 102 million for the fiscal year ended 31 January 2023, alongside an operating loss of GBP 70 million. What else has been going on with Onfido? In January 2024, Onfido launched its Compliance Suite, an all-in-one identity verification solution to help businesses expand into new markets and meet local regulatory needs for customer onboarding.

According to the company press release, Onfido's Compliance Suite introduced Qualified Electronic Signature (QES) and One-time Password (OTP) alongside no-code compliance workflows to its Real Identity Platform. Following this launch, businesses would no longer have to daisy-chain niche, locally accredited services together and could instead bring all their local and global compliance needs under one provider and control centre so they could focus on growth while mitigating fraud. In December 2023, Onfido collaborated with InbestMe, a digital investment platform offering personalised investment strategies, to automate the latter's onboarding process.  Through this partnership and with Onfido’s AI technology, InbestMe gained the ability to verify new users in minutes using an automated financial advisor.

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