AU10TIX receives $60M investment to pay off debt and fund growth initiatives
Private equity firm TPG Capital has made a $60 million investment in ABC Technologies, the holding company for identity verification and biometric onboarding company AU10TIX, to pay down AU10TIX’ debt and accelerate its future global growth initiatives.
AU10TIX parent company ICTS International N.V. announced the transaction, which gives AU10TIX a post-money valuation of $260 million. The cloud-based machine-learning, image processing company has become the preferred solution for customer onboarding and KYC automation across a diverse set of verticals over the past decade, according to the announcement, with its portfolio of forensic level ID authentication, identity verification, screening, and advanced biometrics. The company serves the banking, payments, transportation, travel, and gaming industries.
Goldman Sachs International served as the sole placement agent for the investment, which ICTS says demonstrates confidence in AU10TIX management, business model, and future strategic trajectory.
Earlier this year, AU10TIX announced the development of a new direct-from-image barcode reading technology.