Most of us wouldn’t have realized that everytime we receive an SMS notification providing us a transaction code for say, an online banking transaction or notifying us that we have just logged in to our favourite social media application from a new device, that there is a technology that works out the process and ensures that all our online accounts remain secure. With almost everyone owning at least one mobile phone, mobile based identification and authentication has become the most commonly used verification method for a host of online accounts – from banking to entertainment and e-Commerce.
TeleSign, a provider of mobile identity solutions, is one of the major players in this segment. Telesign protects more than 3.5 billion accounts in over 200 countries and offers various companies phone-based verification with data to help them to protect their clients’ accounts using SMS, voice or mobile applications. As mobile identity works on a mobile device and hence mobile connection, the service makes up one of the many potential digital services that mobile operators can offer as part of their own services. Telstra Ventures, Telstra Corporation’s subsidiary that invests in strategic companies aligned to the group, recently announced that it has made a strategic investment in TeleSign. According to Telstra Ventures, the investment will enable Telstra to offer consumers the mobile-based identification service and provide them the security they need to perform online transactions. On TeleSign’s end, the investment will enable them to leverage Telstra’s client base and reputation, and accelerate their growth in the APAC region. According to Telstra, TeleSign recently closed a USD$40 million Series B financing round, enabling the company to invest aggressively in new innovation and growth opportunities.
“The TeleSign solution brings additional security to data and identity, enabling a safe and confident service experience. We are excited to part of the journey as the company continues to expand globally. We hope to be able to offer a range of mobile identity solutions from this innovative provider and we will work closely with TeleSign to explore opportunities to bring this technology to our own customers.”
– Mark Sherman, Managing Director,Telstra Ventures
“Companies are searching for simple-to-use, effective security solutions that can serve a global user base. This investment will allow us to work closely with Telstra, combining our expertise and their regional experience to better serve customer needs. TeleSign has been very successful at making the internet a safer and more secure place by protecting businesses and users from fraud. “We’ve doubled revenue every year for the last four years and with a host of new products being readied for launch, we expect that growth to continue. The Telstra investment gives us additional resources to innovate even faster and continue our global expansion as we move toward our goal of an IPO.”
– Steve Jillings, CEO, TeleSign