Entrust Plans to Acquires AI-Based ID Verification Startup Onfido

British technology group Onfido is in advanced talks to sell itself to U.S.-based Entrust Corp, two people familiar with the matter told Reuters.

Onfido, which uses artificial intelligence to verify customer identities, could be valued around $650 million in a deal, one of the people said.

If reached, an agreement could be announced imminently, the sources, who spoke on condition of anonymity, said.

In public comments Tuesday, Onfido declined to comment.

Entrust Corp, formerly known as Entrust Datacard, offers identify verification and security solutions for industries such as payments and healthcare.

It has previously been acquisitive, buying Netherlands-based Evidos in 2022.

The discussions between the two companies come 12 years after Onfido was launched by founders Husayn Kassai, Eamon Jubbawy, and Ruhul Amin.

The British company has several external backers including Salesforce's (CRM.N), opens new tab venture capital arm and private equity groups Bain Capital and TPG (TPG.O), opens new tab, according to public filings, opens new tab.

Onfido posted an increase in revenue for the year ended Jan. 31 2023 to 102 million pounds and an operating loss of 70 million pounds, according to accounts filed at Companies House.

Reuters

February 07, 2024