SQR acquired by SQRx to drive digital identity innovation

SQR, a provider of digital identity solutions adhering to the UK's Digital Identity and Attributes Trust Framework (DIATF), has been acquired by SQRx Ltd., a UK-based company. Grahame Chilton, renowned London market broker and entrepreneur, is the largest shareholder of SQRx.

According to SQR, this acquisition, bolstered by a substantial investment, is poised to accelerate its growth and innovation in the fields of digital identity and secure access. Over the past year, SQR has established a reputation for its Governance, Risk, and Compliance (GRC) technology, aiding businesses in enhancing their governance and compliance practices. The acquisition is expected to strengthen SQR's market position and extend its reach into new markets requiring secure online and in-person authentication solutions.

Grahame Chilton's career spans over three decades in the financial services industry. As the former CEO of Benfield Group, Chilton led the company to FTSE 150 status before orchestrating its successful sale to Aon in 2008, where he held significant executive roles. He later founded Capsicum Re, which became the world's fifth-largest reinsurance broker in just five years. Chilton's experience and strategic insight are anticipated to be pivotal in driving SQR's future development.

Commenting on the acquisition, Grahame Chilton elaborated on the vital importance of reliable client identification for regulated businesses. "Regulated businesses have an increasingly growing need to properly identify their clients at all times. I know first-hand the business benefits of trusting your customer is who they say they are, as well as understanding the risk of not doing so. Increasing security and ease of delivery is beneficial for governments, businesses, and also the people who are sharing their data," Chilton stated.

He further emphasised his commitment to leveraging resources, expertise, and innovative synergies within SQR and SQRx. "This partnership not only promises to be a hugely successful investment but also an opportunity to explore new markets," he added.

Shelley Langan-Newton, CEO of SQR, reflected on the company's accomplishments and the impact of the acquisition on its operations.

"This past year has been remarkable for SQR. Since launching our digital Know Your Customer (eKYC) solution in 2023, we've secured a major five-year contract with the Isle of Man Government to provide an independent digital identity verification solution for the Central Registry. The acquisition by SQRx solidifies our position as an industry leader, enabling us to contribute to a safer world, not just by knowing who you are working or transacting with, but by truly trusting them," Langan-Newton said.

She expressed enthusiasm about working closely with Chilton and leveraging his expertise for future growth, stating, "We are excited to work closely with Grahame and leverage his unmatched expertise to support our future growth."

SQR's focus on innovation and maintaining high standards has earned it considerable recognition in the cybersecurity domain. The acquisition by SQRx is expected to provide the necessary support for SQR to further its mission of making the world safer through trusted technology. This deal aligns with SQR's goal of delivering high-assurance identity verification at every stage of the client lifecycle, both online and in-person.