Market Insights

Trusted Key takes $3M, Kabbage captures Orchard, Xiaomi preps for $10B IPO: Friday Deal Book for 05/04/2018

May 4, 2018

OWI’s Friday Deal Book provides you with a weekly roundup of partnerships, funding, and announcements from across the identity industry. Here’s a quick peek at what you need to know for the week ending May 4, 2018.

Trusted Key Solutions raises $3 million

The round was led by Founders Co-Op with support from Pithia. Trusted Key Solutions aims to use blockchain technology with smartphones and cryptography for a comprehensive and secure identity solution. It was founded in 2016 by former executives from Microsoft, Oracle, and Symantec. Its product offers password-free authentication and transaction authorization. [Read more]

Atlanta’s Kabbage agrees to acquire Orchard

No price was given for the deal, which is subject to approval. Orchard provides technology and analytics for online lending and financial services, and Kabbage plans to integrate Orchard’s technology for enhanced data capabilities. It said the deal will accelerate future product development and services. Kabbage specializes in financial services data and technology for small business automated funding. [Read more]

Xiaomi prepares to raise $10 billion in massive IPO

The Chinese smartphone manufacturer plans to bring its offering to Hong Kong, where investors expect it will command the highest price seen in four years. In raising a forecasted $10 billion, the company is expected to be valued between $80 billion and $100 billion. Beyond smartphones, Xiaomi is a major player in the Internet (and Identity) of Things, including smarthome accessories and connected kitchen appliances. [Read more]

Payfone recruits W. Ross Ashley III for government affairs activities

Ashley will lead all government affairs activities, including legislative and executive branch engagement, as well as management of external government affairs resources. Payfone, a digital identity authentication company, will also utilize Ashley to develop and lead a federal presence for risk management and identity management products and solutions. A former Air Force intelligence officer, he was nominated by President George W. Bush to serve as Assistant Administrator of the Federal Emergency Management Agency. [Read more]

T-Mobile, Sprint look to merge, consolidate US wireless industry

The deal, if approved by regulators, would give the combined company 90 million subscribers — still behind market leaders AT&T (93 million) and Verizon (116 million). The deal will undoubtedly face serious antitrust scrutiny. In 2011, AT&T attempted to purchase T-Mobile, but the deal was dropped after the U.S. Department of Justice announced it would attempt to block the deal. [Read more]