TPG Takes $60M Stake in AU10TIX

“[AU10TIX] has established itself as a KYC and customer onboarding solutions provider in the areas of financial services, travel, transportation, and gaming.

ICTS Injects $60M Into Document Reading Subsidiary AU10TIX

Alternative asset firm TPG has taken a big stake in AU10TIX, investing $60 million in the latter’s holding company, ABC Technologies B.V.

Based in Cyprus, AU10TIX specializes in customer onboarding and KYC automation technologies, including machine learning-driven image processing. Its document-reading technology has previously been used in a biometric solution provided by Daon for the Visa ID Intelligence service for merchants, helping to enable the biometric matching of individuals’ faces to official identity documents such as passports and driver’s licenses.

AU10TIX is also a subsidiary of ICTS International; in a statement announcing TPG’s investment, the companies asserted that it “demonstrates confidence in AU10TIX management, the company’s business model, and its future strategic trajectory.”

The companies also explained that the funds will be used to pay off AU10TIX’s debt, and to “accelerate AU10TIX’s future global growth initiatives,” adding that the company has established itself as a KYC and customer onboarding solutions provider in the areas of financial services, travel, transportation, and gaming.

The investment was delivered in the form of Preferred Shares, and brings AU10TIX’s valuation to $260 million.

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July 8, 2019 – by Alex Perala

[July 9, 2019: A previous version of this article misidentified AU10TIX’s investor; the article’s new title reflects the correction.]

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“[AU10TIX] has established itself as a KYC and customer onboarding solutions provider in the areas of financial services, travel, transportation, and gaming.

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