Tuesday 6th September, 2022
Sovos has acquired Chile-based TOC Biometrics a leading provider of identity verification and electronic signature solutions throughout South and Latin America. The terms of the deal were not disclosed.
TOC Biometrics designs flexible solutions that are adaptable to customers’ needs and help to speed up a company’s digitalisation process.
To date TOC have been credited with 200+ million ID verifications and 50+ million electronic signatures – specifically in the areas of electronic signature, where customers can now legally sign documents of any type digitally with full confidence that the user has been verified.
“Most companies are looking to stay ahead of digitalisation trends and the minimum required by governments to create a higher standard of compliance and legal certainty for their organisation. The TOC Biometrics acquisition builds upon the impressive portfolio of solutions Sovos already has in place, allowing our customers to transact anywhere in the world knowing they will be compliant and dealing with an authorised user,” said Alvaro Gonzalez, managing director, Latin America.
“We eliminate doubt about the validity of transactions for our customers by using biometric technology to confirm that an online user is the authorized person they are claiming to be. This is critical for the legitimacy of global commerce. Together with Sovos, we will be able to expand the usage of our best-in-class technology to a much larger user base across a broader geographic footprint,” said Ricardo Navarro, founder, TOC Biometrics.
Sovos is owned by Hg, the London-based specialist private equity investor focused on software and service businesses, and TA Associates. Landmark Alantra served as financial advisor to TOC Biometrics and Letelier Nuñez Abogados provided legal counsel.