DIATF-certified SQR acquired after one year of operation

Digital identity company SQR has been acquired by SQRx Ltd.

SQR was founded in 2023 in The Isle of Man shortly after gaining the UK Government Digital Identity and Attributes Trust Framework (DIATF) accreditation. The company said it will use the acquisition and the undisclosed but “substantial” investment to fuel its growth into the digital ID and secure access space.

For SQRx and its largest shareholder Grahame Chilton, the acquisition will also be an opportunity to explore new markets. Chilton is the former CEO of independent reinsurance and risk intermediary Benfield Group, later acquired by the Aon Corporation. SQR CFO Jonathan Bayly is a director of SQRx.

“Regulated businesses have an increasingly growing need to properly identify their clients at all times,” he says. “I know first-hand the business benefits of trusting your customer is who they say they are, as well as understanding the risk of not doing so.

Increasing security and ease of delivery is beneficial for governments, businesses, and also the people who are sharing their data.”

During the past year, SQR  has launched a digital Know Your Customer (eKYC) product and developing Governance, Risk and Compliance (GRC) technology. In July, the company landed a five-year contract with the Isle of Man Government to provide an independent digital identity verification solution for the Central Registry.

Article Topics

DIATF certification  |  digital identity  |  identity verification  |  Isle of Man  |  SQR Group  |  SQRx