BioCatch has officially added AimBrain to its portfolio. Both companies are behavioral biometrics specialists, so the acquisition is expected to enhance BioCatch’s existing fraud detection and behavioral biometrics capabilities.
To that end, AimBrain supplements its behavioral biometrics tech with face and voice recognition to provide step-up authentication that is compliant with the latest Anti-Money Laundering and Know Your Customer regulations. Though the companies did not disclose the purchase price, BioCatch indicated that the acquisition is part of a broader expansion strategy. The entire AimBrain team will become part of the team at BioCatch, and will be asked to help the company deliver on its grand ambitions.
“The fraud detection and authentication industries are rapidly consolidating, and we believe that combining forces makes tremendous sense, both for ourselves and our clients,” said AimBrain CEO Andrius Sutas. “Together, we will be able to pursue broader applications, particularly in the mobile arena.”
“AimBrain’s people, technology and intellectual property will expand our capabilities considerably and help us extend our lead in the market as we aim to continue our rapid growth in 2020 and beyond,” added BioCatch Chairman and CEO Howard Edelstein.
In this case, “intellectual property” refers to the four AimBrain patents that BioCatch has picked up alongside AimBrain’s technology and personnel. One of those patents details a system that accounts for context when biometric information is collected, as in the case of a voice sample with other noises in the background.
The AimBrain patents will fill out a BioCatch portfolio that already includes more than 40 patents, with another 25 patents pending. BioCatch recently warned about the growing threat of digital fraud, and is hoping to use AimBrain’s technology to make its fraud prevention platform more appealing to financial services providers.
Before joining BioCatch, AimBrain raised £4 million in a Series A funding round in 2017.
February 11, 2020 – by Eric Weiss