Interac acquires Ottawa-based digital ID company

Interac Corp., a Canadian provider of payments and digital information exchange solutions, Tuesday said it has acquired Ottawa-based 2Keys, a company described in a statement as enabling “secure digital experiences for Canadian governments, financial institutions and commercial clients.”

Interac said that 2Keys’ approximately 100 employees will join Interac and that 2Keys will operate as a subsidiary of the company.

“The foundational technology behind our secure payments network, combined with the trust we have established with Canadians, positions us well to further enhance digital ID and commerce through secure authentication,” said Mark O’Connell, CEO of Interac. “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.”

Interac said it finalized a corporate restructuring in 2018 and is now pursuing new ventures that strengthen its role in the economy. 2Keys currently supports more than 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,” said 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.”