Los Angeles-based Acuant, a provider of identity verification solutions, has been purchased by Audax Private Equity.
The private equity firm has purchased a controlling stake in the business from Insight Venture Partners, Lightview Capital and Egis Capital Partners.
With Audax’s investment, the company plans to accelerate expansion into new product lines while continuing to innovate within our current product portfolio, according to president and CEO Yossi Zekri.
Acuant provides Identity Verification solutions to reduce fraud and increase revenue. Its core products include intelligent data capture and auto-fill software, and identity document authentication. Acuant also offers Chip and e-Passport authentication with PKI, facial recognition software, and expert manual review of documents.
Holding more than 20 patents and powered by human-assisted machine learning, Acuant claims to possess one of the industry’s largest ID libraries, and has completed more than 3 billion transactions worldwide. Thus far in 2018, Acuant has exceeded its own record for profitability and sales growth and has expanded its presence with an EU office. The company also added several premier global partners, including a top credit reporting agency, as well as a top-tier global payments company and a leading healthcare diagnostics company.
Geoffrey S. Rehnert, co-CEO, Audax Group, said, “Acuant offers a best-in-class product suite that addresses rising transactional fraud in the digital economy. We believe the company is strongly positioned for continued growth as organisations seek solutions to reduce risk, increase revenue and meet compliance objectives. We look forward to supporting Yossi and the entire Acuant team to continue growing the business organically and through acquisitions.”
Acuant’s partners include start-ups, Fortune 500 and FTSE 350 organizations in various industries including finance, government, healthcare, Security/IAM, sharing economy, and travel.
For the finance sector, the company’s services can be used for new account onboarding, multi-factor authentication with facial recognition match for initial & ongoing verification in customer transactions, customer authentication & verification for underwriting, and to verify ID’s for mobile trading apps, among other uses.
The company helps its users automate your workflows, instantly prevent fraud due to identity theft, account takeovers & spoofing, meet regulatory compliance (KYC, AML, PII) & safely store customer PII data, as well improve the customer experience.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
