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In this article, Reporte Índigo reports that Incode Technologies, an American identity authentication company, has significantly expanded its presence in Latin America and the Caribbean by acquiring MetaMap, a Silicon Valley-based company.
This acquisition aims to enhance digital security and trust in client interactions, enabling global, borderless identity verification. With MetaMap, Incode also plans to combat advanced frauds such as deepfakes.
Read the transcription of this article, published by Reporte Índigo on June 12, 2024.
American Authentication Company Incode Expands Its Presence in Latin America
With the purchase, they hope to make identity verification borderless and accessible to many more customers globally.
The American company Incode announced the acquisition of MetaMap, a company from the same sector based in Silicon Valley, with which it expands its market share in America and the Caribbean with hundreds of millions of verified identities.
“Integrating MetaMap’s innovative approach to mapping, its scalable growth engine, and its talent will strengthen our position as leaders in the global market (…) We firmly believe that working together will further improve security and trust in digital identity,”
— stated Ricardo Amper, founder and CEO of Incode Technologies, in a company statement.
With this acquisition, the two companies seek to make their customers’ digital interactions safer and more reliable. At the same time, they want to expand to markets in countries such as Argentina, Brazil, Chile, Colombia, and Mexico, in order to increase their market share in regions such as Africa and North America.
“For a long time, we have admired Incode’s leadership in technology and its unparalleled customer orientation. By combining our products and experience, we will be able to make borderless identity verification accessible to many more customers globally,”
— emphasized MetaMap CEO, Meghna Mann.
Good forecast for digital identity market growth
The identity identification and digital fraud sector reported a market share of $11.63 million in 2023 and is expected to reach $13.19 million in 2024, representing a 13.4 percent annual growth, according to estimates by the consultancy Mordor Intelligence.
It is also estimated that this surge will continue over the next five years, with an annual increase of 12.62 percent and a forecast that the market size will reach $21.07 million in 2028, an 81.2 percent increase.
With the incorporation of MetaMap, the two tech companies will help businesses continuously improve their performance with more data and prevent potential identity frauds, known as ‘deepfakes‘.
An IBM technology company report states that the number of cyberattacks using stolen or compromised identity credentials increases by 72 percent each year.
In this sense, for the companies Incode and MetaMap, identity fraud has not only increased in volume, but also in cost to companies, as fraud attempts become more sophisticated due to the integration of artificial intelligence.
More about Reporte Índigo
Reporte Índigo is a digital and print media outlet that is published in Mexico City, Guadalajara, and Monterrey. It offers a wide range of news on politics, economy, society, and culture, characterized by critical and analytical journalism.
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