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In this article, El Sol de México reports that Incode Technologies, an American company specializing in identity authentication and verification, has significantly expanded its presence in Latin America and the Caribbean by acquiring MetaMap, a company based in Silicon Valley.
This strategic move aims not only to expand its market share but also to enhance the security and trust in its customers’ digital interactions.
Read the transcription of this article, published by El Sol de México on June 12, 2024
American Authentication Company Incode Expands Its Presence in Latin America
Incode announced the acquisition of MetaMap, expanding its market share in America and the Caribbean with hundreds of millions of verified identities.
The American company of identity verification and authentication 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 the security and trust in digital identity,”
With this acquisition, the two companies intend to make their customers’ digital interactions safer and more reliable. They will also expand into specific markets in countries such as Argentina, Brazil, Chile, Colombia, and Mexico and 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 unmatched customer orientation. By combining our products and experience, we will be able to make borderless identity verification accessible to many more customers globally,”
Market growth
The identity identification and fraud sector had a market share of $11.63 million in 2023 and is expected to reach $13.19 million in 2024, a 13.4% year-over-year growth, according to the consultancy Mordor Intelligence.
Furthermore, this growth is expected to continue over the next five years, with an annual increase of 12.62% and a forecast that the market size will reach $21.07 million by 2028, an 81.2% increase.
Following the incorporation of MetaMap, the two technology companies will be able to continually improve their performance with more data and prevent potential identity frauds, known “deepfakes“.
According to a report by the technology company IBM, the number of cyberattacks using stolen or compromised identity credentials increases by 72% each year.
In this regard, 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 El Sol de México
El Sol de México is a newspaper founded in 1965, which has established itself as a reliable source of news, sports, culture, and politics for Mexico. This newspaper has become an essential reference for readers interested in understanding the events shaping both Mexico and the world.
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