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Onfido acquires Eyn, adds acoustic-based liveness detection

Company also reports substantial growth
Onfido acquires Eyn, adds acoustic-based liveness detection
 

Onfido has recently completed the acquisition of digital identity verification company Eyn to integrate its ultrasound biometric presentation attack detection capability.

Following the completion of the transaction, Eyn’s acoustic liveness technology will be incorporated into Onfido’s Real Identity Platform to enhance the security of biometric identity verification. Eyn’s employees will join Onfido’s research and biometrics teams, according to the announcement.

“As we continue to increase our investment in research and development to fill out our arsenal of tools to fight fraud, we’re pleased to welcome the Eyn team to the Onfido family,” said the company’s CEO Mike Tuchen.

“By combining their LiveProof anti-spoofing technology with our existing image-based liveness detection, we’ll be able to offer a liveness product that is unmatched in the industry.”

Financial details of the transaction were not disclosed.

Eventful third quarter

Together with the news of the acquisition, Onfido reported a 93 percent increase year-to-date (YTD) in global revenue in the last quarter, as well as 100 percent growth in annual recurring revenue (ARR).

According to the firm, this growth was spurred by an increase in online services access caused by the pandemic.

At the same time, more online users mean more fraud attempts. Through a combination of liveness detection technology from Onfido and Eyn, the companies aim to tackle this issue by ensuring document and biometric checks are submitted live and that photos or deepfakes cannot be used to spoof legitimate users.

The third quarter of fiscal 2021 was an eventful one for the company, which also hired Faisal Chughtai as chief financial officer and Nello Franco as chief customer officer.

“Faisal brings 20-plus years’ experience as a CFO, GM, and Investment Banker for internet and software companies, growing businesses at scale, and deep experience with IPO, financing, and M&A strategies,” Tuchen said.

“Nello […] has advised Vista’s $70 billion enterprise portfolio companies and transformed public companies into customer-first organizations.”

Franco’s role at Onfido will drive cross-functional initiatives across the company to coordinate efforts between marketing, sales, and customer-facing teams.

Onfido has also recently published a new survey suggesting a number of new digital ID verification trends.

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