Connect with us

Hi, what are you looking for?

Jewish Business News

Business

AU10TIX Looking to Sell for More Than $1 Billion

AU10TIX

AU10TIX Team (Facebook)

AU10TIX, an Israeli automated identity verification startup, could be sold at a company valuation of as much as $1.2 billion. According to a report in Calcalist, the brothers Ron and Gil Atzmon, who hold a 70% stake in the company, are currently entertaining offers to sell out their shares.

Calcalist reported that AU10TIX has hired the services of Goldman Sachs and Deutsche Bank to lead the sale process. The brothers could make between $300-750 million from the sale, depending on how much of their stake they eventually sell.

While huge, the $1.2 billion for AU10TIX falls far short of the $5.4 billion that Intel paid for Israel’s Tower Semiconductor, a leading foundry for analog semiconductor solutions, in February.

Please help us out :
Will you offer us a hand? Every gift, regardless of size, fuels our future.
Your critical contribution enables us to maintain our independence from shareholders or wealthy owners, allowing us to keep up reporting without bias. It means we can continue to make Jewish Business News available to everyone.
You can support us for as little as $1 via PayPal at [email protected].
Thank you.

Automated identity checks are advantageous over manual ones in that they allow firms to verify and onboard new customers at scale in real time. Manual verification not only requires the hiring of large teams to handle the processing but also requires that the personnel be continually updated on the varying laws and regulations. This takes a lot of time and also leaves open the possibility for human error.

Founded in 2010, AU10TIX is an identity management company headquartered in Israel declaring its mission to obliterate fraud and further a more secure and inclusive world. The company provides critical, modular solutions to verify and link physical and digital identities so businesses and their customers can confidently connect.

Over the past decade, AU10TIX has partnered with major global brands for customer onboarding and customer verification automation. The company boasts that it is continuing to work on the “edge of what’s next for identity’s role in society.” AU10TIX states that its proprietary technology provides results in less than 8 seconds, enabling businesses to onboard customers faster while preventing fraud.

In March, AU10TIX was awarded the silver for Company of the Year in Artificial Intelligence in Security in the 2022 Cyber Security Global Excellence Awards for preventing over $700 Million in fraud-related losses through cutting-edge Machine Learning and AI Technology.

“We are honored by the recognition from Globee Awards as a company of the year, which further validates our commitment to our partners and their security needs,” said Carey O’Connor Kolaja, chief executive officer of AU10TIX, at the time. “Digital identity fraud has become very global, very organized and interconnected. For businesses, there is a need for real time identity verification now more than ever and AU10TIX is committed to enabling businesses to provide safer services, promote trust and seamlessly secure everyday access to life, work and play.”

Newsletter



Advertisement

You May Also Like

World News

In the 15th Nov 2015 edition of Israel’s good news, the highlights include:   ·         A new Israeli treatment brings hope to relapsed leukemia...

Life-Style Health

Medint’s medical researchers provide data-driven insights to help patients make decisions; It is affordable- hundreds rather than thousands of dollars

Entertainment

The Movie The Professional is what made Natalie Portman a Lolita.

Leadership

Jews are disproportionately represented on the roster of the richest business people, with 10 Jews among the top 50 (20%), and 38 (19%) Jews...