Interac acquires Ottawa-based digital security company 2Keys
Canadian interbank network, Interac, has signed a deal to acquire Ottawa-based digital security firm 2Keys, according to The Canadian Press.
The acquisition will see 2Keys and its approximately 100 employees join Interac and play a critical role as Interac supports the future of digital ID and commerce by providing Canadians with services to securely access and use their identity, data and money with confidence and convenience.
Interac is now pursuing new ventures that strengthen its role in the Canadian economy.
“Acquiring the deep expertise of 2Keys gives Interac capabilities it can bring to the marketplace to support the development of digital ID solutions for Canadians’ increasingly digital lives,” says Mark O’Connell, CEO of Interac.
Having finalised a corporate restructure in 2018, Interac is now pursuing new ventures that strengthen its role in the Canadian economy.
2Keys is a Canadian company that has provided digital identity and access solutions for 22 years and currently supports over 40 million users performing four million identity verifications per day.
“We view digital identity and access capabilities as fundamental enablers of an interoperable digital identity ecosystem, as well as being a foundational part of a ‘security-in-depth’ approach to privacy, integrity, availability and confidentiality,” says John Scott, CEO of 2Keys. “Joining Interac means building upon our legacy and helping to bring forward a robust and secure digital identity ecosystem for Canada.”
According to research from Interac, eight in ten Canadians (83%) describe their identity as one of their most valuable assets, with 52% indicating it is more important to protect their identity online than their money. Seven in ten Canadians (77%) also indicate they don’t have enough control over the use of personal and financial information online and include authentication amongst the most important factors of trusted technology.
“Canadians told us they are ready for more convenient, digital options to manage their identity documents online and on their mobile devices,” says Debbie Gamble, chief innovation labs and new ventures officer at Interac. “They also indicated how important safeguarding their identity is, and that digital IDs must be secure and backed by trusted technology.”
2Keys will operate as “2Keys – a subsidiary of Interac Corp” and will continue to fulfil its obligations and maintain core lines of business established with public and private sector organisations.
