Identity verification technology provider Acuant completed the acquisition of US-based risk management software developer IdentityMind yesterday for an undisclosed sum, allowing corporates Mozido, Sberbank and Overstock.com to exit.
IdentityMind’s digital identity risk-scoring technology enables businesses to combat fraud by helping them ensure the customer on the other end of an online transaction is legitimate. It formed a strategic partnership with Acuant in October 2019.
The last funding to be disclosed by IdentityMind was a $10m series C round in early 2018 co-led by Benhamou Global Ventures and Eastern Link Capital and backed by e-commerce company Overstock, Hanna Ventures, Zanadu Capital Partners and all its existing investors.
The company had previously raised an undisclosed amount from financial services firm Sberbank’s SBT Venture Capital unit, mobile payment technology producer Mozido, Benhamou Global, Lakewood & Company and Cybernaut Investment Group in 2015.
Yossi Zekri, Acuant’s president and CEO, said: “Businesses must rely on trusted identities to successfully transact, fight fraud and stay compliant. Our Trusted Identity Platform, now with IdentityMind’s orchestration layer, creates a new standard in identity verification.”
