Acquisition enables Telos’ IDTrust360 to streamline identity and background check processes for organizations and consumers
Telos® Corporation (TLS), a leading provider of cyber, cloud and enterprise security solutions for the world’s most security-conscious organizations, announced that it has acquired the assets of Diamond Fortress Technologies (DFT), including all patents, and will integrate the ONYX® touchless fingerprinting software with Telos’ IDTrust360® platform.
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The acquisition adds several new patents to Telos’ library of biometric and digital identity intellectual property. The addition of contactless biometrics technology will enable Telos to better serve the needs of organizations in existing and new markets, including transportation, healthcare and financial services. This acquisition solidifies Telos’ position in an expanding market, with contactless biometrics technology expected to grow from approximately $7 billion in 2019 at a CAGR of 20% from 2020 to 2027.
“Enhancing IDTrust360 with ONYX will provide a game-changing licensed technology stack for organizations that are interested in mobile-enabled biometric capture and authentication services,” said John Wood, CEO and chairman, Telos. “We believe the acquisition of this patented touchless fingerprinting technology will allow us to eliminate much of the friction involved in biometrics data gathering for identity and access management and to better serve our growing customer base at both the enterprise and consumer levels.”
ONYX is a mobile, touchless biometrics solution that leverages a device’s camera to capture the user’s unique fingerprint, enabling fast and easy collection of fingerprint biometrics. To maintain and expand the ONYX technology, Telos has hired seven current DFT employees, including the key patent holders and employees critical to the growth and expansion of this technology.
Terms of the transaction were not disclosed, and there is no change to Telos’ 2021 financial guidance as a result of the acquisition.
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Forward-Looking Statements
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