Tax compliance software provider Sovos has acquired TOC Biometrics, a Chilean company that specializes in biometric identification and e-signature solutions.
The company, a major player in South and Central America, provides a wide range of biometric identity verification tools. Its Face Onboarding, ID Meet, NFC and SmartID products all use facial recognition technology (paired with identity documents) to confirm the identity of the user; its Touch solution, meanwhile, verifies a user’s identity through a fingerprint (also paired with other documents).
Facial recognition technology is also built into its electronic signature products Legalsign (which can also detect certain attempts to circumvent said technology) and Sign (which can use facial recognition and/or a fingerprint to sign a document).
The ever-increasing digitization of the business world has prompted rising concerns about protecting personal information and verifying people’s identities. Sovos’ acquisition of the Chilean biometrics company aims to address these concerns in a way that eases the transfer of information and the signing of documents for business entities.
“Most companies are looking to stay ahead of digitalization trends and the minimum required by governments to create a higher standard of compliance and legal certainty for their organization,” said Alvaro Gonzalez, managing director of Sovos Latin America, in a statement. “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 authorized user.”