British technology group Onfido is in advanced talks to sell itself to U.S.-based Entrust Corp, two people familiar with the matter told Reuters.
Onfido, which uses artificial intelligence to verify
customer identities, could be valued around $650 million in a deal, one of the
people said.
If reached, an agreement could be announced imminently, the
sources, who spoke on condition of anonymity, said.
In public comments Tuesday, Onfido declined to comment.
Entrust Corp, formerly known as Entrust Datacard, offers
identify verification and security solutions for industries such as payments
and healthcare.
It has previously been acquisitive, buying Netherlands-based
Evidos in 2022.
The discussions between the two companies come 12 years
after Onfido was launched by founders Husayn Kassai, Eamon Jubbawy, and Ruhul
Amin.
The British company has several external backers including
Salesforce's (CRM.N), opens new tab venture capital arm and private equity
groups Bain Capital and TPG (TPG.O), opens new tab, according to public
filings, opens new tab.
Onfido posted an increase in revenue for the year ended Jan.
31 2023 to 102 million pounds and an operating loss of 70 million pounds,
according to accounts filed at Companies House.
Reuters