Prove announced this week it will acquire UnifyID, a market leader in mobile-based passive authentication and behavioral biometrics. UnifyID is backed by leading investors including New Enterprise Associates (NEA), Andreessen Horowitz (a16z), and Stanford University’s StartX.
Approving legitimate transactions while thwarting fraud is the goal of authentication technologies. Static and cumbersome techniques impede revenue while driving operating expenses and customer frustration. With UnifyID, Prove customers will benefit from revolutionary, award-winning modern authentication technology and the addition of the industry’s brightest AI/ML talent.
“Businesses from tier 1 banks to fast-growing tech companies are asking us to help them reduce their reliance on one-time passcodes and passwords by adding modern authenticators that remove the human element,” said Rodger Desai, CEO of Prove. “UnifyID’s technology harnesses powerful behavioral and biometric signals from mobile phones which, coupled with Prove’s solutions, can enable a frictionless authentication experience that is simultaneously secure and convenient. Businesses don’t need to compromise between the two anymore.”
UnifyID’s solutions will enable Prove’s customers to:
· Evolve current two-factor and multi-factor authentication (MFA/2FA) strategies
· Reduce reliance on one-time passcodes (OTPs)
· Enable passwordless login experiences
· Enhance contact center and chat interactions
· Thwart promotions fraud
· Comply with the EU’s PSD2 and SCA mandates
UnifyID’s technology does not rely on third-party data from mobile network operators or other data vendors.
The acquisition will allow Prove’s customers, including nine of the top 10 U.S. issuing banks, to choose from modern authentication techniques, including enhanced push authentication with private and secure location intelligence as well as passive, dynamic mobile behavioral biometrics based on people’s unique gait and motion signatures.
“UnifyID has built groundbreaking technology that has generated immense interest. Prove’s strong market presence and large enterprise customer base will help rapidly scale these products,” said Forest Baskett, general partner at NEA.
“High friction, low security authentication techniques like SMS OTPs will make way for secure, frictionless behavior-based and push-based authentication techniques. UnifyID will enable Prove’s customers to be industry leaders that provide their end consumers secure, best-in-class user experiences,” said Michael Lynch, chief strategy officer at Prove.
“Our cutting-edge technology has won top accolades from TechCrunch Disrupt, RSA Innovation Sandbox, Forbes AI 50, and others. By combining our expertise in passive authentication, behavioral biometrics, and machine learning with Prove’s established mobile identity solutions, Prove will become the most complete mobile identity solution in the market,” said John Whaley, founder and CEO of UnifyID.
The acquisition is expected to close in early June.