British technology powerhouse Onfido is reportedly in advanced negotiations to be acquired by U.S.-based Entrust Corp, sources say.
Onfido, renowned for its utilization of Artificial Intelligence in the realm of customer identity verification, stands poised to command a valuation in the ballpark of $650 million should the deal materialize, as per one of the sources privy to the discussions.
An imminent announcement regarding the prospective agreement is anticipated, with sources emphasizing the confidential nature of their disclosures.
Entrust Corp, previously operating under the moniker Entrust Datacard, specializes in offering cutting-edge identity verification and security solutions tailored for diverse sectors including payments and healthcare.
The company has a history of strategic acquisitions, notably acquiring Netherlands-based Evidos in 2022, a move which has solidified Entrust Corp’s footprints in the global market.
The ongoing deliberations between Onfido and Entrust Corp marks a pivotal juncture in Onfido’s journey, which commenced over a decade ago when founders Husayn Kassai, Eamon Jubbawy, and Ruhul Amin embarked on their entrepreneurial venture.
Onfido’s ascendancy has been fueled by robust support from an array of external backers, including prominent entities such as Salesforce’s venture capital arm, Bain Capital, and TPG, as evidenced by public filings.
As the technological landscape continues to evolve at a rapid pace, the potential acquisition of Onfido by Entrust Corp underscores the dynamism and competitive fervor prevalent within the industry, with strategic partnerships and mergers emerging as key conduits for innovation and growth in an increasingly interconnected world.