SecureKey Technologies, a developer of access management solutions, has been acquired by Avast as of Thursday 24th March 2022. Avast claims this will “expand our ‘Identity’ product and services portfolio as part of its digital freedom vision” in a bid to cement the company’s digital authentication and identity management portfolio.
Originally founded in Ontario in 2008, SecureKey’s software connects consumers to the services of telecoms firms, government agencies, and banks securely by privately authenticating the identity of users. Their technology focuses on financial data security and handles personally identifiable information (PII) and processes over 200 million transactions worldwide annually.
The organisation is well entrenched in the technology industry, with affiliations with The Linux Foundation, Hyperledger, DIACC, and the Fido Alliance. "We live in a digital world, but are being forced to use outdated and broken identity systems, with too many avenues that welcome the possibility of fraud," SecureKey says.
The CEO of Avast, Ondrej Vlcek, wants to create a global, reusable digital identity framework as a new trust layer for the internet. This acquisition furthers the company’s ambition by further developing an international digital identity management tool. The acquisition is expected to close next month, in April, when SecureKey products will become available to Avast customers.
SecureKey’s CEO mentioned that their established track record with financial institutions, governments, and other businesses has enabled them to provide consumers with secure digital identity networks that have become known, trusted, and mature over the last decade. By partnering with Avast, they hope to further innovate their technology and create an added layer of trust for all internet users.
The identity and access management services market is expected to be worth around $35 billion by 2028 according to Fortune Business Insights.
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