While terms of the deal are not being disclosed, the plan is for Acuant will combine its Trusted Identity Platform for Identity proofing and Verification with the latter’s Digital Identity Platform for Identity creation, risk scoring, transaction monitoring and regulatory compliance (KYC and AML).
The claim is that the result will be a “best-in-class Identity Platform for building, proofing, verifying and maintaining digital identities”.
“Never before has identity been so critical to building and maintaining a stable and productive economy,” said Yossi Zekri, President and CEO of Acuant.
“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.”
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Commenting on the merger, for Trace Fooshee, Senior Analyst with Aite Group, “As digital transactions continue to see massive growth, understanding who’s on the other end of the transaction is key to reducing fraud, managing risk and complying with regulations.
“This evolution of the Acuant Trusted Identity Platform with IdentityMind positions them well in the dynamic market for identity orchestration platforms.”
“Establishing trust in customers and understanding risk is a vital part of success in the digital world,” added Garrett Gafke, CEO of IdentityMind. “That’s why we built our platform around digital identities, creating and proofing 350+ million identities and earning 10+ patents along the way. There is more Trusted Identity innovation to come and we look forward to working with Acuant to make it happen.”
Acuant now holds over 30 patents, the largest ID library and global reach encompassing every major industry. Acuant and IdentityMind have garnered dozens of coveted industry awards and hold ISO 27001, Privacy Shield, SOC 2, PCI DSS 3.2 certifications, are GDPR and CCPA compliant, and NIST and ICAO adherent.