Socure, an identity verification company based in the Lake Tahoe, Nevada area, has recently acquired San Francisco-based Berbix in a move to enhance its digital identity verification capabilities.
The acquisition aims to optimize the processing of driver’s licenses and passports with increased speed and accuracy. Socure’s founder and CEO, Johnny Ayers, highlighted the focus on efficiently verifying identities with minimal fraud, positioning Berbix as a standout choice due to its exceptional product and technology, despite not having a widely recognized brand.
The acquisition has already resulted in improved performance, with a 14% increase in first-time acceptance rates, a significant reduction in resubmission requests, and a 30% boost in effectiveness at identifying fraudulent documents. Ayers emphasized the potential for companies to generate substantial additional revenue by enhancing the accuracy of identity verification processes.
Berbix’s expertise in document verification, particularly its success in minimizing false positives and negatives, played a crucial role in Socure’s decision to acquire the company. Approximately two-thirds of Berbix’s workforce, around 18 employees, joined Socure following the acquisition.
Berbix’s co-founder and CEO, Eric Levine, assumed the role of Socure’s senior vice president and head of DocV product management. The technology integration has led to faster verification processes, reduced resubmission rates, and increased effectiveness in identifying fraudulent documents, ultimately contributing to a more streamlined and efficient identity verification system.
Ayers highlighted the significance of improving the acceptance rate for legitimate customers while effectively identifying and preventing fraudulent activities, estimating the potential for companies to realize significant revenue gains through these enhancements.
