One of British Columbia’s top-ranked artificial intelligence companies today announced the strategic acquisition of a Europe-based rival.
Victoria’s Certn has acquired Trustmatic, a Europe-based remote identity verification company—a movie which solidifies Certn’s position as a global leader in screening and identity verification technology and enhances its ability to meet the KYC needs of its growing customer base, according to a statement from the B.C. firm.
Trustmatic was targeted for its identity verification technology, which consists of identity document reading and authentication, face liveness detection, and biometrics. The tech-forward service is entirely automated, similar to Certn’s AI-powered products.
“This acquisition aligns seamlessly with our mission to provide faster and easier screening services,” stated Andrew McLeod, cofounder of Certn.
“Trustmatic’s innovative technology complements our existing offerings and helps us better serve clients like those in financial services,” he continued.
“Joining forces with Certn is the next step on our mission of providing the world’s most secure and easy-to-use identity verification solution technology,” stated Donal Greene, founder of Trustmatic.
Digital identity verification plays a role in enabling digital transformation by helping organizations and their users establish trust with each other, Greene says.
It’s also big business. The global digital identity market is expected to grow to up to $173 billion over the next decade, according to data from Market Research Future.
But contrary to popular belief, “there doesn’t have to be a trade-off between user experience and security,” believes McLeod, who serves as chief executive of Certn.
Greene agrees with this sentiment, noting how his team of identity professionals “helped protect businesses across the globe from identity fraud while delivering a seamless user experience.”
Earlier this year, Certn received substantial funding from Export Development Canada, and was ranked as the second-fastest growing Canadian company according to Deloitte Canada’s Technology Fast 50 program.
To date, the Canadian innovator has raised US$114 million in venture funding.
Trustmatic was founded in Slovakia in 2020.