Insights

Acquisitions and Public Filings: Weekly Dealbook

06/24/21

By: Liminal Team

Investors in this week's Dealbook are showing a rise in platform acquisitions, fundraising, and  public filings. Most notably, Transmit Security raised $543 million through a Series A in an effort to expand authentication features and accelerate its mission to provide passwordless authentication. Transmit Security emphasizes the need for companies to meet the rising expectation of customers, who want high assurance without the pain and friction that passwords cause.

 

Additionally, Blend filed for IPO and will be listed in the New York stock exchange under the ticker symbol of BLND. The company aims to sell shares and grow their efforts to meet rising demand for online mortgage application verification, as the market sees that financial institutions are looking into alternative ways of verifying users. Lastly, LOQR raised EUR 8 million of Series A to strengthen their product and keep up with financial institutions' demands for robust identity verification and continuous authentication. This emphasizes the rise of digital onboarding of the financial sector. 

 

In the public market, Ping Identity (NYS: PING) acquired SecuredTouch for an undisclosed amount. This deal emphasizes that the demand for probabilistic data is growing, as we have seen in June. Three acquisitions of behavioral biometric companies have already been acquired – Mitek acquired ID R&D and Prove acquired UnifyID.

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Top Deals
Transmit Security

Transmit Security is a developer of a mobile security system intended to offer advanced security solutions. The company's platform allows for passwordless authentication via face detection and provides services like identity policy orchestration and passwordless workforce authentication, enabling clients to provide easier access to their customers and employees.

 

Transmit Security raised $543 million of Series A venture funding in a deal led by Insight Partners and General Atlantic on June 22, 2021, putting the company's pre-money valuation at $1.66 billion. Geodesic, Vintage Capital Investments, SYN Ventures, Artisanal Ventures, and CyberStarts also participated in the round. The funding will be used to increase the company's reach and expand its primary business functions, investing in key global areas in order to grow the organization, ultimately enabling the company to accelerate its mission to help the world go passwordless.

Blend

Blend is a developer of a digital lending platform designed to simplify and fasten consumer finance processes. The company's platform builds complete financial profiles, automates third-party verification to reduce frauds, identifies delay-causing issues, and manages the tasks needed to close a loan, thereby enabling financial institutions to process lending faster, increase productivity, and deliver better customer experiences.

Blend filed to go public on the New York stock exchange under the ticker symbol of BLND on June 21, 2021. The expected offering amount is $100 million. Previously, the company raised $300 million of Series G venture funding in a deal led by Tiger Global Management and Coatue Management on January 13, 2021, putting the company's pre-money valuation at $3 billion. 500 Startups, Ossa Investments and LeFrak also participated in the round. The funds will be used to fuel its next phase of growth and support investment in the products and services that matter most to financial institutions as it aims to power the future of consumer banking. 

LOQR

LOQR is an operator of a digital customer onboarding platform intended to serve financial institutions. The company provides a single integrated, centralized and customer-centric solution to manage end-to-end digital identities lifecycle, including identity verification, identity authentication, and identity provider, thereby providing clients with a one-stop-shop to solve their regulated compliance needs.

 

LOQR raised EUR 8 million of Series A venture funding from EDP Ventures, BiG Start Ventures, and Semapa Next on June 22, 2021. HCapital, Iberis Capital and Banco Português de Fomento also participated in the round. The funds will be used by the company to invest in the digital transformation of the financial sector, strengthening its international expansion, investing in technology, innovation and focusing on the evolution of the platform.

Investor Highlights
General Atlantic

Founded in 1980, General Atlantic is a private equity firm based in New York, New York. The firm prefers investments in growth-stage companies across the financial services, media, healthcare, big data, SaaS, communications, electronics, energy, and resources sectors.

 

Active Portfolio - 152

Investments (TTM) - 98

Med. Round Amount - $88.75M

Med. Valuation - $510.00M

# of Exits - 289

 

Blend

JumpCloud 

Acessodigital

Chime

Public Highlights
Ping Identity
pingidentity.com
2010

Ping Identity Holding Corp (NYS: PING) is a United States-based company engaged in the business of software. It enables secure access to any service, application, or API from any device. Its Intelligent Identity Platform leverages artificial intelligence and machine learning to analyze the device, network, application, and user behavior data to make authentication and security control decisions.

Ping Identity acquired SecuredTouch for an undisclosed amount on June 21, 2021. The acquisition will help the company to accelerate Identity fraud capabilities, as SecuredTouch is a developer of behavioral biometrics designed to detect sophisticated fraud attacks that bypass other detection tools. The company's behavioral biometrics uses machine learning, to analyze 100s of unique data points generated by human and device attributes, to automatically identify trusted users and flag suspicious activities, before transactions take place, empowering businesses to strengthen security, lower fraud losses, and improve transaction rates.

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