NEW YORK, June 01, 2021 (GLOBE NEWSWIRE) -- Prove announced today 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.”
To request more info about how Prove’s Phone-Centric Identity technology can help you reduce your reliance on passwords and one-time passcodes, click here.
In addition to addressing risk and fraud use cases, UnifyID's mobile behavioral biometrics technology is the only solution on the market that can definitively authenticate a person with a 1:1 match using a person's behavior and movement. 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
Prove’s rapid growth in global technology and e-commerce industries will be accelerated by UnifyID’s technology, which does not rely on third-party data from mobile network operators or other data vendors.
The acquisition will allow Prove’s customers, including 9 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.
To learn more about how Prove’s Phone-Centric Identity technology can improve your identity verification strategies to make your digital experiences safer, faster, and easier, visit prove.com.
About Prove
Prove is the modern way of proving identity with just a phone number and is used by over 1,000 enterprises and 500 financial institutions worldwide, including 9 of the top 10 U.S. banks. With 1 billion+ consumer and small business identity tokens under continuous management, Prove’s Phone-Centric Identity™ platform helps companies mitigate fraud while accelerating revenue and reducing OPEX across mobile, desktop, tablet, contact center, and in-store channels. Prove’s omni-channel solutions are available in 195 countries. For the latest updates from Prove, follow us on LinkedIn.
About UnifyID
Headquartered in Redwood City, California, UnifyID makes authentication better for users not only in terms of security but also in terms of user experience via the first implicit authentication platform. Its highly innovative approach is able to authenticate users via behavioral and environmental factors with a high degree of accuracy without negatively impacting user experience, while respecting user privacy. UnifyID is widely regarded as the leader in passive authentication and behavioral biometrics and has received numerous industry accolades, including TechCrunch Disrupt runner-up, RSA Innovation Sandbox unanimous winner, SXSW Security and Privacy Winner, Gartner Cool Vendor, EMA Top 3 Vendor in Authentication, 2020 Overall Fraud Prevention Solution of the Year, and was named to the Forbes AI 50: Most Promising AI Companies in 2021.
Press Contact:
Emily Riley
pr@prove.com
914-330-1128
A video accompanying this announcement is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/385699c2-0e01-4f54-bf19-275351f1f6e5