FacePhi is hoping to improve its digital onboarding services after completing its acquisition of the Spanish document recognition specialist Ecertic. The latter company’s technology is compliant with the latest EIDAS regulations in Europe.
FacePhi already uses Ecertic’s document recognition tech to help verify the identities of customers using its SelphID digital onboarding solution, which uses facial recognition to compare a selfie to the photo on an official ID document. The acquisition will allow FacePhi to bring everything in house, and leverage Ecertic’s expertise, resources, and personnel to improve on those capabilities in the future.
“The integration of Ecertic will allow us to improve our SelphID margins and gain presence in the identification and authentication market,” said FacePhi CEO Javier Mira. “This provides a qualitative leap forward in regulatory, technical, and development aspects, and in the consolidation of the business.”
The price tag for the acquisition was 2 million euros. FacePhi paid 1.16 million of that in cash, and then paid the remainder with 164,706 FacePhi shares.
The news comes shortly after FacePhi shared the results of a phenomenal 2019 fiscal year, in which its turnover rose 82.88 percent to a total of 8.2 million euros. The company forged numerous new partnerships over the course of the year, many of which were concentrated in the Latin American market. FacePhi also opened a new APAC subsidiary in South Korea.
January 24, 2020 – by Eric Weiss