SAP snags Gigya for $350M, Google grabs Bitium: Friday Deal Book for 9/29/2017

OWI’s Friday Deal Book provides you with a weekly roundup of partnerships, funding, and product announcements in the identity industry. Here’s a quick peek at what you need to know for the week ending Sept. 29, 2017.

Rubicon Lab launches end-to-end IoT security platform

An IOT security solution provider – Rubicon Labs – announced the launch of the Rubicon Secure Identity Platform. This new solution is tailored to provide high levels of security over the flow of data from low-powered IOT devices to cloud servers. The new platform consists of the two components: an Identity Agent and an Identity Service. The Agent is a service for people to create an identity, have it verified, and then have that identity cyber-encrypted into a key. Together, this new solution helps secure a user’s identity, and then safeguard those details as they are transmitted from IoT devices to data repositories on the cloud. There is high demand for Rubicon’s security technology, as transmitting data is a vulnerable process, one easily accessible to cyberattacks. [Read more]

Identity verification provider, Onfido, raises $30M in Series C round

This round of funding was led by Crane Venture Partners, Microsoft Ventures, Salesforce Ventures, and CrunchFund, among others, and brings Onfido’s total funding to over $60 million to date. They provide identity verification services through the combination of facial biometrics and machine learning technologies applied to their vast transactional network. Their product is currently being used by companies such as Square, Zipcar, and Revolut as an identity verification tool. Onfido’s ability to leverage value from their transaction repository is directly correlated to the scalability of their network. As they continue successful funding round, so will their ability to draw meaningful analytics. [Read more]

Customer identity management firm Gigya acquired by SAP for $350M

SAP, the leading Enterprise Resource Planning software, hopes to enhance their hybris ecommerce offering with the acquisition of Gigya, a consent-based identity solution management company. A number of recent high-profile data breaches including Equifax, Ashley Madison, and Verizon have illustrated the importance of securely managing consumer’s data. To that end, Gigya has successfully managed over 1.3 billion user identities, and SAP hopes their incorporation into its product offering is a valuable proactive measure. Moreover, it will be interesting to see how many companies follow suit with SAP and begin to acquire companies or develop their own solutions to protect their consumers data. [Read more]

Google Cloud buys Bitium to enhance consumer identity management practices

The cloud has enabled a great deal of new use cases and rapid technological innovation; however, by the same token, it has created virtual honeypots of data that attract criminal activity. Google is one of the strongest players in the cloud technology space, and as such, have been forced to respond to these new challenges. Their move to acquire Bitium, a 5-year-old company primarily focused in Identity Access Management tool, to help provide additional layers of safety to their cloud product offerings. [Read more]

Digital Bazaar receives $750,000 from US Department of Homeland Security (DHS)

Staying on the theme of this week, the DHS selected Digital Bazaar as the recipient of a prestigious $750,000 grant to develop blockchain technology over identity and access management.  Digital Bazaar was established in 2005, and has recently developed a reputation for developing Ledgers as a Service or a “LaaS” platform. They will develop a technology that issues identity tokens and subsequent privileges based on tiered credential parameters. Additionally, their platform will record transactions executed by government employees. The interest of the U.S. government in blockchain technologies is not surprising given the wide adoption in the private sector, but it will be interesting to see how far they go in implementing these new processes. [Read more]