Sovos buys TOC Biometrics to target fraud and compliance markets

Tax and regulatory software maker Sovos has acquired TOC Biometrics, a Chile-based company specializing in identity verification technology.

The transaction is intended to strengthen Sovos‘ product portfolio and, specifically, legal and tax compliance software in situations requiring reliable identification.

“Companies are looking to stay ahead of digitization trends and government-mandated minimums to create a higher standard of legal security and compliance for their organization,” says Sovos’ Latin America CEO, Álvaro González.

Combining the product lines “allows our clients to carry out transactions anywhere in the world knowing that they will comply with regulations and that they will deal with an authorized user,” according to González.

TOC gives Sovos face biometrics capabilities that can be used in customer onboarding. The biometrics developer says it has performed more than 200 million identity verifications and more than 50 million electronic signatures to date.

In 2020, the company teamed with a university to win the Iris Liveness Detection competition, thanks to its anti-spoofing capabilities.

“We remove doubt about the validity of transactions made by our customers by using biometric technology,” says TOC chief executive Ricardo Navarro.

“This is critical to the legitimacy of global commerce,” says Navarro.

The terms of the deal were not disclosed.

Another Latin American face biometrics provider, Unico, also struck a deal to acquire fintech MakroSystems this week.

Article Topics

acquisitions  |  biometrics  |  electronic-signature  |  face biometrics  |  financial services  |  identity verification  |  Latin America  |  onboarding  |  TOC