This operation aims to consolidate its leadership within the field of identification and authentication, both nationally and internationally
FacePhi has completed the acquisition of Ecertic, a strategic operation which aims to boost the digital onboarding service within its trade portfolio and to consolidate its leadership within the field of identification and authentication, both nationally and internationally. Ecertic is a qualified certification service provider according to the European EIDAS regulation and its is considered one of the most important companies in the field of identity verification in Spain with a turnover estimate of 700,000 euros for the year 2019.
The agreement has been closed for a total amount of two million euros, which will be paid by delivering 1.16 million euros in cash and 164,706 FacePhi shares.
With this operation, FacePhi expands its differential capabilities in the market and can make a qualitative leap forward in its services, becoming a reference worldwide and a pioneer in the identification market, where regulations will be a distinctive feature in the short term.
Among the assets provided by Ecertic in this operation, its automatic documentary analysis technology stands out, being essential for customer identification processes. Furthermore, it is one of the most recognized agents in the market, being currently integrated into FacePhi’s own business processes, which translates into an increase of value for the company’s proposal, and a substantial increase in the capabilities of the offer.
Additionally, the operation provides FacePhi with added value in human capital since it allows for the direct incorporation of technical and business resources into the company that will allow for the fulfillment of the objectives for the coming years, as the working force is highly qualified and internationally recognized in the industry.
This movement means to strengthen FacePhi’s presence in the digital onboarding sector and to establish its growth strategy. The entity is fully immersed in this phase, that has allowed it to record a net turnover of more than 8.2 million euros, representing an increase of over 82% compared to 2018.
According to FacePhi’s CEO, Javier Mira: “The integration of Ecertic will be an important step in our product strategy, that will allow us to improve our SelphID margins and gain presence in the identification and authentication market. This
operation is a safe bet, since it provides a qualitative leap forward in important aspects, such as regulatory, technical and business development aspects and, above all, in the consolidation of the business offer, since the products available to Ecertic complement the company’s own offer, and this is an essential value to address the European market, this being one of the most important objectives in the coming years.”
On the other hand, Raúl Tapias, Ecertic CEO, stressed that “with this operation, we provide a solid and consolidated technological development to a company like FacePhi, whose market positioning is able to take the technology to the next level, to continue creating value.”
The purchase announcement is made after FacePhi presented the results preview for 2019 just a few days ago at an event at the Palacio de la Bolsa of Madrid, in which, as its CEO announced, “it had been the best year regarding the number of contracts, authentications –exceeding 850 million–, users and onboardings” of the company specialized in biometrics.