Socure Acquires ID Verification Company Berbix for $70 Million

Socure Acquires ID Verification Company Berbix for $70 Million: Socure, an identity verification solutions provider, has acquired Berbix, an automated ID verification firm, for approximately $70 million in cash and stock.

This acquisition aims to enhance Socure’s capabilities and facilitate its international expansion.

Key Takeaways to Socure Acquires ID Verification Company Berbix for $70 Million:

• Socure acquires Berbix, an automated ID verification company, for around $70 million.

• The acquisition strengthens Socure’s offerings and supports its international expansion.

• Socure’s Predictive Document Verification (DocV) product, integrated with Berbix’s technology, provides enhanced risk assessment based on comprehensive identity data.

Identity verification solutions provider Socure has completed the acquisition of automated ID verification firm Berbix for an approximate sum of $70 million, comprising cash and stock.

This strategic move aims to bolster Socure’s existing capabilities and facilitate its expansion into international markets.

Enhancing Identity Verification Capabilities

Berbix has developed a document verification product that utilizes a patented forensics engine and advanced data extraction capabilities. By leveraging these technologies, the product can identify fraudulent physical IDs that might otherwise pass human verification.

Socure plans to integrate Berbix’s innovative ID verification technology into its own offerings.

Introducing DocV 3.0 and Enhanced Risk Assessment

As a result of the acquisition, Socure has launched version 3.0 of its Predictive Document Verification (DocV) product. DocV 3.0 stands out by harnessing predictive risk signals from Socure’s ID+ comprehensive identity graph.

This includes various data points such as device information, phone ownership, behavioral data, address details, and geolocation signals. These factors contribute to more accurate risk assessments for individuals connected to physical credentials.

Comprehensive Identity Platform and Customer Base

DocV 3.0 can be utilized as a standalone solution for detecting online identity fraud attempts.

Additionally, it is an integral part of Socure’s integrated identity platform, which encompasses email and phone risk assessment, anti-money laundering (AML), bank account verification, and know-your-customer (KYC) solutions. Socure boasts a customer base of over 1,800 organizations spanning sectors such as government, finance, gaming, telecom, healthcare, and ecommerce.

Accelerating Growth and Strong Financial Backing

This acquisition is expected to accelerate Socure’s international expansion plans and strengthen its position in the identity verification market.

With more than $740 million raised in funding, including a significant $450 million round in 2021, Socure demonstrates its ability to attract substantial investment and fuel further growth.

Conclusion to Socure Acquires ID Verification Company Berbix for $70 Million

Socure’s acquisition of Berbix represents a strategic move to enhance its identity verification capabilities and expand into international markets.

By incorporating Berbix’s technology into its offerings and introducing the new version of its Predictive Document Verification product, Socure aims to deliver comprehensive risk assessment solutions to its wide range of customers across various industries.

This acquisition solidifies Socure’s position as a key player in the identity verification industry while providing a strong foundation for future growth and innovation.