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.
Related: Vouched Raises $6.3 Million for Identity Verification Platform
Related: Identity Verification Firm Veriff Raises $100 Million
Related: Fraud Detection Startup Moonsense Raises $4.2 Million in Seed Funding
Eduard Kovacs (@EduardKovacs) is a managing editor at SecurityWeek. He worked as a high school IT teacher for two years before starting a career in journalism as Softpedia’s security news reporter. Eduard holds a bachelor’s degree in industrial informatics and a master’s degree in computer techniques applied in electrical engineering.
More from Eduard Kovacs
- Microsoft Adding New Security Features to Windows 11
- Sony Investigating After Hackers Offer to Sell Stolen Data
- 900 US Schools Impacted by MOVEit Hack at National Student Clearinghouse
- Predator Spyware Delivered to iOS, Android Devices via Zero-Days, MitM Attacks
- China’s Offensive Cyber Operations in Africa Support Soft Power Efforts
- SANS Survey Shows Drop in 2023 ICS/OT Security Budgets
- Apple Patches 3 Zero-Days Likely Exploited by Spyware Vendor to Hack iPhones
- Cisco to Acquire Splunk for $28 Billion
Latest News
- Microsoft Adding New Security Features to Windows 11
- UAE-Linked APT Targets Middle East Government With New ‘Deadglyph’ Backdoor
- Sony Investigating After Hackers Offer to Sell Stolen Data
- The CISO Carousel and its Effect on Enterprise Cybersecurity
- Xenomorph Android Banking Trojan Targeting Users in US, Canada
- $200 Million in Cryptocurrency Stolen in Mixin Network Hack
- Stealthy APT Gelsemium Seen Targeting Southeast Asian Government
- Nigerian Pleads Guilty in US to Million-Dollar BEC Scheme Role
