Digital privacy company Avast has acquired SecureKey Technologies, known for developing Canada’s Verified.Me and Australia’s ConnectID, a blockchain-based digital identity platform.
Avast sees SecureKey’s established technology as a vital component of its goal to provide global digital trust services for individuals, businesses, and government entities.
In October, Canadian debit network Interac secured exclusive rights to SecureKey’s technology within Canada, aiming to create a federated identity network that enables users to log in to public and private sector web services using their online banking credentials.
SecureKey’s Verified.Me application, built on IBM’s blockchain technology, allows users to verify their identity easily online, in person, or over the phone by sharing information from trusted sources like banks. This service facilitates access to important resources such as health records, government services, and account openings with financial institutions and telecoms.
In 2016, SecureKey garnered support from six of Canada’s leading financial institutions, which participated in a $27 million funding round. Additionally, its technology serves as the foundation for ConnectID, launched by Australia’s eftpos, which became the first accredited non-government operator of a digital identity exchange in Australia last year.
Currently, SecureKey’s technology is involved in supporting 200 million secure digital ID transactions annually on a global scale.
“We envision a global and reusable digital identity framework that will provide a new trust layer for the internet,” said Ondrej Vlcek, CEO of Avast. “Digital identity is a crucial enabler for many digital services, and the success of SecureKey illustrates the growing consumer demand in this area.”
The acquisition is anticipated to finalize in early April 2022, with SecureKey’s products expected to be available generally in the second quarter. The terms of the acquisition have not been disclosed.