Austin, U.S.-based AllClear ID, a provider of identity theft repair and credit monitoring services, has quietly acquired Norway’s Encap Security. The Oslo-based company offers device-based multi-factor authentication and e-signature solutions, predominantly to the financial services industry. It claims customers such as Santander, EnterCard, BinckBank, TatraBanka, mydesq, Sparebanken Vest, and AllClear ID itself.
In a blog post announcing that it has been acquired, Encap Security says that AllClear ID has bought the 2007-founded company to give it a bigger footprint in Europe, and in particular to take advantage of regulatory changes relating to the European Union single market. These include changes to data protection laws and the forcing of banks to open up their payments systems:
The acquisition establishes an AllClear ID presence in Europe, putting it in a strong position to capitalize on emerging opportunities including major regulatory changes such as the introduction of the General Data Protection Regulation (GDPR) and the Payment Services Directive (PSD II).
In addition, Encap says it will continue to support its authentication for existing and new customers, partners and re-sellers, but now backed by the additional resources of AllClear ID. The plan is to also eventually roll the Encap brand into the AllClear ID brand.
Terms of the deal aren’t being disclosed. As far as I can tell, neither company has announced the acquisition beyond the statement to existing customers that has appeared on Encap Security’s blog, which looks to have been published on Friday. I’ve reached out to Encap Security for further details and will update this post should I hear back.
Meanwhile, AllClear ID advises and supports companies who need to respond to a data breach, including helping customers who have become victims of identity theft. Its clients include Home Depot, Anthem, and Sony Computer Entertainment, following their respective data breaches.