FacePhi acquires Ecertic for gains in biometric identification and authentication market
Spanish biometrics company FacePhi reports it has acquired Ecertic for €2 million (USD$2.20 million) which will be paid with €1.16 million ($1.28 million) in cash and 164,706 FacePhi shares.
Spain-based Ecertic is a certification service provider compliant with the European EIDAS regulation. The company boasts some €700,000 ($773,000) in turnover for 2019.
Using technologies including facial biometrics, machine learning, image analysis, automated management, and blockchain, Ecertic develops automatic documentary analysis technology for customer identification processes. By including it in its business operations, FacePhi can deliver increased capabilities and added-value for its customers. FacePhi will also be adding Ecertic’s technical and business teams to its current working force, which will overall help grow its presence in the digital onboarding sector.
“The integration of Ecertic will be an important step in our product strategy, that will allow us to improve our SelphID margins and gain presence in the identification and authentication market,” said FacePhi’s CEO, Javier Mira. “This operation is a safe bet, since it provides a qualitative leap forward in important aspects, such as regulatory, technical and business development aspects and, above all, in the consolidation of the business offer, since the products available to Ecertic complement the company’s own offer, and this is an essential value to address the European market, this being one of the most important objectives in the coming years.”
“With this operation, we provide a solid and consolidated technological development to a company like FacePhi, whose market positioning is able to take the technology to the next level, to continue creating value,” said Raúl Tapias, Ecertic CEO.
The acquisition was announced this week after FacePhi revealed a 2019 growth of 82.88 percent compared to 2018, reaching a net turnover of more than 8.2 million euros, according to non-audited results presented during an event at Palacio de la Bolsa in Madrid.
Javier Mira named 2019 “the best year regarding the number of contracts, authentications –exceeding 850 million–, users and onboardings.”
acquisitions | authentication | biometric identification | biometrics | digital identity | FacePhi | facial recognition | Spain