Sovos has acquired TOC Biometrics, a leader in biometric identity verification in Latin America, to enhance its tax compliance solutions and expand its market presence.
Target Information
Founded in 2010, TOC Biometrics has established itself as a leading provider of biometric identity verification and electronic signature SaaS solutions in Latin America. The company operates across Chile, Peru, Argentina, and Mexico and has achieved significant milestones, including over 200 million identity verifications, 50 million electronic signatures, and 2.7 million new bank account onboardings.
TOC Biometrics specializes in facial recognition technology for onboarding, utilized by numerous financial institutions. The company ensures accuracy, security, privacy, and user consent throughout the identity verification process by comparing users' faces with official identification documents. Additionally, TOC Biometrics has developed an R&D center in Germany focused on creating innovative technologies, including iris recognition and algorithms designed to identify counterfeit IDs.
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Industry Overview in Latin America
The Latin American biometrics industry is experiencing rapid growth, driven by increasing demand for secure and efficient identity verification solutions. This surge is fueled by a rising
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