Socure, a digital identity verification solutions firm, has acquired San Francisco-based Berbix, a pioneer in document verification solutions.
With this acquisition, Socure strengthens its position in the market with the world’s fastest and most accurate ID verification solution, offering unmatched fraud reduction capabilities and an enhanced user experience.
The strategic acquisition of Berbix, known for its high-accuracy document verification solution and patent-pending forensics engine, sets a new industry standard in identity verification. The deal, valued at approximately $70m in cash and stock, is Socure’s first acquisition and strengthens the firm’s commitment to providing innovative and secure solutions to its customers.
Socure is a leading provider of digital identity verification solutions. The firm has built a strong reputation for providing secure and efficient identity verification services to various businesses, including major banks and card issuers. On the other hand, Berbix is a pioneer in the document verification space, having developed a high-accuracy document verification solution capable of detecting sophisticated identity fraud attempts, including AI-generated fake IDs.
This acquisition coincides with Socure’s launch of its Predictive Document Verification (DocV) 3.0 solution. This new solution, fuelled by Berbix’s forensics engine, significantly improves accuracy, speed, user experience, and fraud reduction capabilities. This strategic move ensures Socure continues to outpace market competitors, setting a new benchmark in ID verification solutions.
The critical need for online ID verification has been amplified in recent times, as consumers increasingly shift their activities online. From shopping to virtual doctor visits and applying for mortgages, fast and accurate ID verification is vital for enabling trusted online transactions. Socure’s DocV 3.0 leverages Berbix’s advanced forensics engine, combined with its frictionless front-end image capture app, to facilitate accurate and efficient verification.
Berbix CEO and co-founder, Eric Levine, who will now assume the role of Socure’s Senior Vice President and Head of DocV Product Management, said, “I’m extremely proud of what we built at Berbix to advance state-of-the-art document verification. Moving forward with Socure, we are able to multiply our impact on day one by leveraging our technology with Socure’s substantial customer base, reach, and reputation.”
Socure founder and CEO Johnny Ayers added, “DocV 3.0 represents a significant departure from legacy providers whose document verification models rely on simple template checks and rules to determine if a document is legitimate. Our focus has always been on radical accuracy – and that’s exactly what DocV 3.0 delivers.”
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