MARKET MOVEMENT
Entrust completes acquisition of Onfido , provider of identity verification
Entrust , a global provider in trusted payments , identities , and data security , announced it has completed its acquisition of Onfido , a global provider in identity verification . With this completed acquisition , Entrust now provides the industry ’ s most comprehensive portfolio of AI-powered , identity-centric security solutions . Terms of the acquisition were not disclosed .
Attacks on identity are on the rise , with nearly two-thirds of data breaches caused by compromised credentials . This is only becoming more prevalent as AI-powered fraud becomes more accessible through technologies such as generative AI – enabling more sophisticated attack vectors .
According to a recent report by Onfido , organisations saw a 3,000 % increase in deepfakes and a five-times increase in forged identities over the past year . Onfido ’ s technology fights fire with fire , utilising AI to deliver reliable liveness detection and spot deepfakes , video spoofs , masks , and similar identity theft tactics . Over the last year and a half , Onfido prevented an additional $ 6 billion in potential fraud .
Founded in 2012 , Onfido makes it easy for people to access services through digital verification . Prior to being acquired , the company had over $ 140 million in annual revenue and more than 500 employees . Onfido ’ s over 1,200 customers globally include some of the world ’ s financial institutions , e-commerce , gambling and gaming companies , and sharing economy platforms .
Todd Wilkinson
“ This acquisition comes at an inflection point in the industry ,” said Todd Wilkinson , President and Chief Executive Officer , Entrust .
“ With the acquisition of Onfido , our customers can leverage global-identity verification technology to meet the new challenges of cybersecurity in the age of AI . Identity-centric security is the starting point for Zero Trust frameworks and ensures a company ’ s cyber defence is best positioned to meet today ’ s threats . Entrust now provides the broadest identity-centric security capabilities in the market which combine with strong encryption technologies to enable the evolution to Zero Trust .”
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Cloudflare enters observability market with acquisition of Baselime
Matthew Prince
Cloudflare announced an entrance into the observability market with the acquisition of Baselime , the cloud-native observability platform . By integrating Baselime ’ s technology with Cloudflare ’ s developer platform , Cloudflare will be uniquely positioned to bring deep knowledge of serverless platforms and developer experience together to solve the challenges of observability for serverless apps .
Today , entire applications are built on serverless architectures , from compute to databases , storage , queues , and more . Still , observability is often regarded as one of the weaknesses of serverless architectures
– trading off visibility into the application ’ s behaviour for scalable infrastructure that does not need to be managed .
Building and debugging production applications requires the ability to understand trends and patterns , identify performance bottlenecks , and isolate errors to ensure ongoing reliability , scalability , and security . Having access to this level of visibility , preferably all within one platform , is a critical factor developers consider when choosing a platform on which to build .
With this acquisition , Cloudflare enters into the observability market to further enable developers to deploy services in production — allowing teams to identify when a release has gone wrong and needs to be rolled back , investigate bugs and regressions , optimise performance , and more . Developers will also benefit from the ability to optimise the cost of their serverless applications , by understanding the rate of requests made and analysing sources of latency .
“ Two million developers building on Cloudflare trust us to help scale their apps globally , but can still struggle to understand the behaviour of their cloud applications ,” said Matthew Prince , cofounder and CEO , Cloudflare .
“ We believe that to be the developer platform , having the best observability tools built in is going to be table-stakes . Baselime has raised the standard for serverless observability and we can further unlock those insights for every developer building on our platform .” •
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