Nymi acquired by Innominds to integrate continuous workplace biometrics
Innominds says Nymi will be an independent subsidiary and continue to operate from its Toronto headquarters. Nymi is best known for ‘Nymi Band,’ a wearable wristband with biometric and passwordless access control for workplace environments.
Nymi is heavily focused on biometric continuous user authentication, in contrast to the healthcare analytics focus of many wearable-makers. The Nymi Band 3.0 achieved FIDO2 certification last year, and co-developed a unified physical and logical access control solution with G+D.
True Blue Partners is named as the exclusive financial adviser to Nymi in the transaction. Financial terms of the acquisition were not disclosed.
“Innominds has a rich history of driving innovation and digital transformation across industries. Joining with them provides new opportunities for Nymi to help businesses take their next steps in the collective digital journey,” comments Dave Rai, CEO of Nymi. “We’re elated to be a part of a bigger team that can deliver a comprehensive breadth of solutions to our customers.”
Nymi says the acquisition will not be felt in the day-to-day operations and will largely not alter the core team, except for those in areas where Nymi aims to expand its team and use the extended support from Innominds. The Canadian company also says its future plans include a Canada delivery center for global customers and expansion into healthcare, construction, logistics, and transportation with vertical-specific use cases.
Divakar Tantravahi, chairman and CEO of Innominds, says Nymi’s workplace solution is, “ideal for the digital transformation environments we are building for our large, innovation-minded enterprise customers. Enabling digital maturity requires making technology interactions easier for the end-user through human-centric design. Nymi provides a unique and compelling offering to do exactly that. With the combined offerings from Nymi and Innominds, our customers will see accelerated benefits on their digital transformation journey that will lead to achieving strategic business outcomes.”
Innominds has also previously partnered with edge face biometrics provider PFU to develop digital identity management solutions with Qualcomm’s IoT platforms.