Onfido, a British technology business, is in advanced talks to sell itself to US-based Entrust Corp.
Onfido, a British technology company, is in advanced talks to sell itself to Entrust Corp., a company based in the United States, according to two sources.
Onfido, which employs artificial intelligence to authenticate consumer identities, might be valued at $650 million in a sale, according to one source.
If a deal is struck, it may be publicized soon, according to the individuals who spoke on the condition of anonymity.
“We’re excited to be entering into early and exclusive discussions for Onfido to be acquired by Entrust, a global leader in trusted payments, identities, and data security,” according to a statement released by Onfido. “We aren’t able to comment further until these discussions are finalized, subject to regulatory approval and local law.”
Entrust Corp., formerly known as Entrust Datacard, provides identity verification and security solutions for industries including payments and healthcare.
It has previously made acquisitions, most recently purchasing Evidos of the Netherlands in 2022.
The conversations between the two companies occur 12 years after Onfido was founded by Husayn Kassai, Eamon Jubbawy, and Ruhul Amin.
According to public documents, the British company has numerous external investors, including Salesforce’s venture capital arm as well as private equity firms Bain Capital and TPG.
According to records filed with Companies House, Onfido’s sales increased to 102 million pounds in the fiscal year ending January 31, 2023, with an operating deficit of 70 million pounds.
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