LOS ANGELES, Jan. 15, 2019 /PRNewswire/ -- Acuant, a leading global provider of identity verification solutions, today announced that 2018 was its most successful year in terms of revenue and profitability. Fueled by international partnerships and increased adoption of SaaS solutions, Acuant grew over 80 percent year over year.
"Acuant just closed the books on our best year yet," said Yossi Zekri, President and CEO of Acuant. "We've experienced significant growth across the board while continuing to deliver product innovation and superior customer experiences for our partners. Looking ahead, we expect another year of phenomenal growth driven by continued demand for best in class identity verification solutions that we provide today."
McKinsey estimates the identity-verification-as-a-service market will grow from $10 billion in 2017 to $16-20 billion by 2022, stating businesses are looking to "outsource the verification function to providers with the necessary scale and security to accomplish sensitive transactions quickly, safely, and efficiently."
This increasing need has helped drive Acuant's momentum, including these milestones in 2018:
- 4 Straight Quarters of SaaS Growth: Acuant's Identity Platform powered by human assisted machine learning with AI delivers the fastest and most accurate ID solutions on the market. The company's leading technology has fueled substantial market traction and helped to increase market share.
- Major Integrations: Amongst many others, Acuant's Identity Platform was integrated with Experian, Okta and Trulioo to strengthen and expand services in the IAM and identity verification market.
- International Expansion: Acuant opened an EU office in 2018 to support the region's growing demand for identity verification services and GDPR compliance for the retail/e-commerce, travel, healthcare and financial sectors. Personnel at Acuant has also grown by more than 40 percent to continue to provide a customer centric approach.
- New Investment: Audax Private Equity acquired controlling interest in Acuant in 2018. The investment provided strategic resources to support continued growth initiatives and accelerate product innovation.
- Industry Recognition: Acuant was recognized for its product innovation, including being named a Gold Winner for both the Stevie® Awards and Info Security Product Guide's Global Excellence Awards®. Acuant was also included as a Representative Vendor in Gartner's "Market Guide for Identity Proofing and Corroboration," recognized by Forrester as a leading Identity Verification provider, and named an IDC Innovator in Identity Proofing solutions.
About Acuant
Acuant's next gen Identity Platform is powered by AI with human assisted machine learning to reduce fraud while providing a seamless customer experience and increasing conversions. Built to scale and meet KYC/AML regulations, Acuant has the industry's highest speed and accuracy rates for ID verification. Award-winning products include ID capture, AssureID authentication, facial recognition, Chip and Ozone ePassport authentication. Solutions are omnichannel and allow businesses to establish identities on premise or remotely via the cloud and mobile devices. Completing more than 3 billion trusted transactions worldwide, partners include Fortune 500 and FTSE 350 organizations and start-ups in all industries. For more information please visit www.acuantcorp.com.
PR Contact:
Malini Gujral
Acuant
213-867-2625
marketing@acuantcorp.com
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SOURCE Acuant
