Acuant Reports YOY Revenue and Profitability at Record Highs Since AssureTec Acquisition

SaaS revenue grows more than 90%, led by Machine Learning Powered ID Verification Product Offerings

LOS ANGELESSept. 12, 2017 /PRNewswire/ — Acuant, a leading provider of data capture and ID authentication solutions, announced record revenue and profitability, powering more than one billion partner transactions worldwide since its acquisition of AssureTec in June 2016, monthly processing ID’s from all 50 US States, all Canadian Provinces and from 196 countries. SaaS revenue increased in excess of 90% this past year, which has helped achieve almost a doubling of its respective percent of overall business.

“Post a successful integration of AssureTec, we continue to focus on empowering businesses and consumers in today’s digital economy to transact with trust, and together with our growing base of partners to introduce faster, more secure and more user-friendly identity verification solutions,” said Yossi Zekri, CEO of Acuant.

With three intelligent engineering centers located in CaliforniaNew Hampshire and Israel, Acuant offers flexible and scalable solutions for image processing and authentication on cloud and mobile platforms. Adding FRM, biometric facial recognition match with image spoofing detection, and DocX, real time manual identity document review, to further expand its AssureID product continuum, Acuant provides the highest level of accuracy for identity proofing that allows businesses to validate more good customers, creating trust and loyalty, while preventing fraudulent transactions. In today’s world of prevalent data breaches, Acuant offers ID verification products that allow institutions to establish trusted identities without needing to access compromised data and without hassle to customers.

Powered by machine learning, AssureID is approaching 150 million transactions annually and is positioned to grow that number aggressively with mobile, cloud and on-premise solutions, while AcuFill, the company’s extraction and data fill product line, is closing in on 40 million transactions every month.

Since the acquisition, Acuant’s core authentication business has grown to include 20 large government deployments and they have added more than 50 partners which range from large systems integrators to spot solutions designed for industries such as financial services, healthcare and the sharing economy.

Stephen Maloney, Acuant’s EVP Business Development and Strategy, states, “Moving forward, our product continuum will further embrace the convergence of physical and digital identity especially as it relates to identity proofing, and continue to transform our industry.”

About Acuant

Acuant Inc. is a global technology company that provides comprehensive Identity Verification solutions responding to various levels of risk and assurance requirements. Utilizing patented technology Acuant transforms data intake into a business-enhancing proposition while instantly reducing the risk of fraudulent transactions.

Acuant’s intelligent engineering is made to work in any industry in any environment with compatibility for Windows, iOS, Android, Hybrid and HTML 5- and built to allow meeting the highest level security requirements and regulations such as KYC, PII, HIPAA and AML. Partners include start-ups, Fortune 500 and FTSE 350 organizations.

For more information, please visit acuantcorp.com

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PR Contact:
Mike Gallo
Lumina Communications for Acuant Corp
212-239-8594
acuant@luminapr.com

 

 

 

 

 

 

 

 

 

 

What We Learned at SDW 2017

SDW 2017, a conference for professionals involved in secure ID credentials and government-identity solutions, was last week in London and brought together top minds in the Identity Proofing Industry who all agreed that a trusted identity is the cornerstone of a trusted transaction. Key issues covered included identity fraud, document design, travel documents, smart borders, eID, the growing role biometrics, digital and mobile ID, smart citizens and the future of identity innovations, including the importance of machine learning.

OUR TOP TAKE-AWAYS:

Fraud Isn’t Going Away

The value of an identity isn’t decreasing; fraud will continue to become more sophisticated as security technology also improves. Physical credentials such as passports will soon have more design elements and production complexity to make forgeries more difficult to produce. However, making documents more difficult to forge also has the consequence of forgeries being harder to detect. In addition to upgrading the physical credential, other technologies to verify the identity, such as biometrics, will become increasingly important.

 

More Countries will use Biometrics at Borders

Many countries have been experimenting with biometrics for border control, and the use of finger print or facial recognition will continue to expand. The TSA is now rolling out a pilot program for finger print scanning for PreCheck customers. Dulles and Atlanta airports have also been experimenting with facial recognition technology with the aim to have secure and frictionless experiences for those exiting the country. Expect to see more roll-out of biometric technology the next time you travel outside the country.

 

Machines and Humans will Coexist

As both ID documents and forgeries become more sophisticated, it is necessary to augment the abilities of an experienced border guard with the computing power of machine learning. Automation is a key to frictionless document authentication and verification, but the need for humans and machines to work side-by-side to catch forgeries is key – there are elements that computers can be taught to spot in an instant, while there are knowledge and experienced-based situations that humans can better address. To learn more about the benefits of machine learning for ID Proofing, read the whitepaper: Beyond Machine Learning.

 

Experts are still Figuring out the Standard for Trust

A recurring theme of the conference was the importance of trust being the cornerstone of identity, and a trusted identity being the cornerstone of a trusted transaction. The idea of sharing trusted identities for travel, government and other purposes across common use cases was discussed from a variety of perspectives. Some technologies being discussed in this space include Blockchain, which was also a big topic that was covered in a previous blog about the K(NO)W Conference.

 

2017 is looking to be a crucial year for businesses to secure their ID-based transactions. The first step is to find a trusted and experienced ID Proofing Solutions Provider. Acuant emphasizes global experience across multiple industries, with ID verification, authentication, and biometric capabilities. Talk to an ID specialist in your industry today and learn how to protect your customers.