Entrust Completes Onfido Acquisition

Entrust has completed its acquisition of Onfido, just a couple of months after negotiations around the deal came to light.

Entrust is a global cybersecurity company that provides identity and data security solutions for secure digital interactions, like financial transactions and government services. Founded by Nortel in the 90s, Entrust pioneered secure online interactions by creating the first commercial public key infrastructure and later became a leader in digital certificates and identity verification.

Onfido, meanwhile, is a pioneer in selfie-based identity verification and authentication. Over the past decade, the company has expanded its business operations and seen multiple funding rounds. In 2022, Onfido announced the appointment of a new Chief Strategy Officer, and suggested it was aiming for an eventual IPO. It would go on to acquire Airside, a pioneer in digital traveler identity technology, in the spring of 2023.

Now, Entrust’s acquisition of the firm will allow the combined entity to offer “the industry’s most comprehensive portfolio of AI-powered, identity-centric security solutions,” according to a statement announcing the deal’s completion.

“Identity-centric security is the starting point for Zero Trust frameworks and ensures a company’s cyber defense is best positioned to meet today’s threats,” said Entrust President and CEO Todd Wilkinson. “Entrust now provides the broadest identity-centric security capabilities in the market, which combine with strong encryption technologies to enable the evolution to Zero Trust.”

The acquisition is poised to bring some immediate material benefits to Entrust. Prior to the deal, Onfido had more than $140 million in annual revenue, a customer base of more then 1,200 firms around the world, and a workforce exceeding 500 employees. Financial terms of the deal were not disclosed.

Entrust plans to highlight its new Onfido-powered capabilities at the RSA Conference, which is scheduled to run from May 6 to May 9 in San Francisco.

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April 10, 2024 – by Alex Perala