Incode announced the acquisition of Metamap to strengthen its digital identity verification market position. The merger aims to improve security and trust in digital communications as it expands into new markets across Latin America, Africa and North America.
In a significant move to increase its market presence, US-based identity verification and authentication company Incode has announced the acquisition of Silicon Valley-based company Metamap in the same sector. With hundreds of millions of identities verified, the merger is set to expand Incode’s market share in the Americas and the Caribbean.
Ricardo Amper, Founder and CEO of Incode Technologies, said, “Combining MetaMap’s innovative approach to mapping, its scalable growth engine and its expertise will strengthen our position as a global market leader. We strongly believe that working together will further improve security and trust in digital identity.
Expanding market access and technological capabilities
With this acquisition, Incode and Metamap aim to make digital communications more secure and reliable for their customers. The merger will facilitate their expansion into specific markets in countries such as Argentina, Brazil, Chile, Colombia and Mexico. Additionally, it will expand its market share in regions such as Africa and North America.
Magna Mann, CEO of MetaMap, praised Incode’s leadership in technology and customer orientation. „By combining our products and expertise, we will make seamless identity verification accessible to even more customers worldwide,” emphasized Mann.
According to consulting firm Mordor Intelligence, the identity verification and fraud detection industry held a market share of $11.63 million in 2023 and is expected to reach $13.19 million in 2024, representing a year-over-year growth of 13.4%. This growth will continue over the next five years, with an annual increase of 12.62%, and the market size is projected to reach $21.07 million by 2028, an increase of 81.2%.
Addressing the rise of identity fraud
Metamap’s integration will enable the two technology companies to continuously improve their performance with more data and help businesses prevent potential identity fraud, including 'ultrafakes’ or deepfakes. For example, Incode’s technology can detect subtle inconsistencies in facial features or voice patterns that are often indicators of deeper fakes. According to a report by IBM, the number of cyber attacks using stolen or compromised credentials is increasing by 72% annually.
For Incode and Metamap, the rise in identity fraud is not only about volume, but also the increasing cost to businesses as fraud efforts become more sophisticated with the integration of artificial intelligence. This reality underscores the critical need for advanced identity verification technologies that can stay ahead of these emerging threats.
Incode’s cutting-edge technology, powered by artificial intelligence and machine learning, provides secure and user-friendly real-time identity verification solutions. By integrating MetaMap’s advanced capabilities, Incode is poised to strengthen its technology stack, providing even more robust solutions to combat identity fraud. It includes sophisticated algorithms to detect deepfakes and other sophisticated fraud tactics.
Innovative solutions for global markets
The partnership between Incode and Metamap is poised to bring innovative solutions to global markets. Incode’s technology provides seamless, frictionless identity verification processes that can be integrated into a variety of applications, from banking and finance to healthcare and e-commerce. MetaMap’s expertise in scalable development and mapping will complement Incode’s offerings, enabling the combined company to provide more comprehensive solutions to global customers.
A key advantage of this merger is the ability to provide local solutions that meet the specific needs of different markets. For example, in Latin America, where digital banking and mobile payments are growing rapidly, there is significant demand for secure and reliable identity verification solutions. The combined company will be able to effectively address these needs by leveraging MetaMap’s local intelligence and Incode’s technical prowess.
The expansion of digital services in Africa and stringent regulatory requirements for identity verification in North America underscore the global need for robust identity verification systems. The combination between Incode and Metamap will enable organizations to tap into these growing markets, providing essential security solutions that support the growth of the digital economy globally.
Future Outlook and Market Impact
Acquiring Metamap by code marks a significant milestone in the field of identity verification. The combined expertise and technical capabilities of the two companies will set new standards for security and efficiency in digital identity verification. As the market evolves with increasing digital interactions and the need for improved security, encryption is in good shape. With projected market growth in the identity verification and fraud detection industry, Incode’s acquisition of Metamap positions them to capitalize on this growth and maintain their market leadership.
Ongoing advances in artificial intelligence and machine learning will play an important role in the future of identity verification. Incode’s dedication to innovation ensures we continue to develop cutting-edge solutions that address the growing challenges of identity fraud. By staying ahead of technology trends and leveraging the combined strengths of Incode and Metamap, the company can offer its customers unparalleled security solutions. These solutions are tailored to the changing tactics of identity fraud, ensuring businesses and individuals are protected.
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Incode’s acquisition of Metamap represents a strategic move to strengthen its market position and enhance its technology offerings. The merger will enable the company to expand its reach into new markets and provide advanced identity verification solutions that meet the growing need for security in digital communications. With a focus on innovation and collaboration, Incode is poised to lead the identity verification industry into a more secure and trusted future.