Nevada-based identity verification solutions provider Socure announced on Tuesday that it has acquired California-based automated ID verification firm Berbix for roughly $70 million in cash and stock.
Berbix has created a document verification product that leverages a patent-pending forensics engine and data extraction capabilities to identify fake physical IDs that might pass verification by a human.
The acquisition will accelerate Socure’s international expansion. In addition, Socure has integrated Berbix’s technology into its own offering and on Tuesday announced the launch of version 3.0 of its Predictive Document Verification (DocV) product.
“DocV 3.0 uniquely leverages predictive risk signals from Socure’s ID+ comprehensive identity graph, inclusive of, but not limited to, rich device, phone ownership, behavioral data, address, and geolocation signals to provide risk decisions on the individual connected to the physical credential,” Socure explained.
DocV 3.0 can be used as a standalone product for detecting online identity fraud attempts, but it’s also part of the company’s integrated identity platform, which includes email and phone risk, anti-money laundering (AML), bank account verification, and know your customer (KYC) solutions.
Socure says it has more than 1,800 customers in the government, financial, gaming, telecom, healthcare, and ecommerce sectors.
The company has raised more than $740 million. Its biggest funding round was announced in 2021, when it raised $450 million at a $4.5 billion valuation.