Facebook shares ended higher in the US Tuesday, while news after the market close detailed the social media behemoth’s purchase of ID authentication firm, Identity Inc. The move will likely support Facebook plans to support existing users and also learn more about those who seek to buy ads on its site.
Facebook shares closed 2.15% higher at $189.35, Tuesday. Pre-market trade is also pointing to a positive open for the Facebook stock price.
Identity Inc prepares for Facebook transition
Identity Inc. confirmed the news on its website:
“We're excited to announce that we have agreed to be acquired by Facebook!,” the site owners said on its website. “This is the culmination of three years of hard work building technology that will keep people safe and secure online.”
“When we launched Confirm, our mission was to become the market's trusted identity origination platform for which other multifactor verification services can build upon. Now, we're ready to take the next step on our journey with Facebook,” it added.
Identity Inc also stated it was beginning the process of winding down its current software offerings, as Facebook integration plans get underway.
Facebook has also confirmed the deal. “We are excited to welcome the Confirm team to Facebook,” the social media giant told TechCrunch. “Their technology and expertise will support our ongoing efforts to keep our community safe.”
How the ID authentication site works
Identity Inc. has been in operation for around three years and has created software that quickly - and pretty easily – confirms the Government ID of a particular person. The software is easily integrated into existing company setups.
From the outset, Confrim’s tech could help Facebook help users who are locked out of their account due to cyber-criminal activity, in a speedy and more secure way.
However, in the future, it’s thought Identity’s tech could help improve Facebook’s current options of confirming its user’s identity on a personal level. And, possibly even help strengthen its verification, or knowledge of who’s purchasing ad space on the social media platform.