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Avast acquires Canada's SecureKey Technologies

Avast acquires Canada's SecureKey Technologies

Digital privacy outfit Avast has acquired SecureKey Technologies, the blockchain-based digital identity company behind Canada's Verified.Me and Australian digital identity exchange ConnectID.

Avast views SecureKey's proven technology as a key plank in its ambitions to become a global digital trust services for people, businesses and government.

In October, Canadian debit network Interac acquired exlusive rights to SecureKey's technology in Canada, as it moves to build a federated identity network which lets consumers use their online banking credentials to log in to public and private sector Web services .

Built atop IBM blockchain technology, SecureKey's Verified.Me app helps users verify their identity simply online, in person and on the phone using information they consent to share from connections, such as banks, to access things like health records and government services, and to open accounts with banks and telcos.

Six of Canada's leading financial institutions participated in a $27 million funding round for SecureKey in 2016.

SecureKey's technology has also been used as the backbone for ConnectID, launched by OZ processor eftpos, which last year became the first officially accredited non-government operator of a digital identity exchange in Australia.

SecureKey says its technology is currently supporting 200 million secure digital ID transactions per year globally.

"We envisage a global and reusable digital identity framework which will underpin a new trust layer for the internet," says Ondrej Vlcek, CEO, Avast. "It's clear that digital identity is the critical enabler for many digital services and SecureKey's success reflects the growing demand for this from consumers."

The deal is expected to close in early April 2022 with the general availability of SecureKey's products following in Q2. Terms of the transaction were not disclosed.

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