Photo: Kaleb M. Roedel
SPARKS, Nev. — Blockchains Management, Inc., an affiliate of Blockchains, LLC in Sparks, on Dec. 1 announced the acquisition of Cambridge Blockchain, Inc., a Cambridge, Mass.-based blockchain-based identity management and compliance software solutions provider.
Financial details of the acquisition were not disclosed.
According to a Dec. 1 press release from Blockchains, “Cambridge Blockchain’s solutions harness blockchain’s potential to globally deliver strong digital identities and meet increasingly stringent data privacy obligations. The company has experience designing software to share identity data across systems, specifically, European financial institutions.”
“The acquisition increases Blockchains’ capacity to deliver an ecosystem of products set to prepare individuals for web 3.0 and the emerging digital economy, with a blockchain-powered digital identity solution at the core,” according to the release.
“Cambridge Blockchain has unique, real-world experience in designing identity management systems and streamlining digital identity compliance in the areas of government, ePrivacy, banking and fintech,” Blockchains executive vice president Lee Weiss said in a statement. “We are excited to bring on board a team that has demonstrated successful technology applications globally for enterprises, governments, and regulators in a way that ultimately benefits the individual.”
“Blockchains’ vision is truly aligned with what our aspirations for Cambridge Blockchain were from the onset,” added Cambridge co-founder Matthew Commons. “The idea that individuals should be in control of their own data has been one of our founding principles. We are thrilled to be part of the Blockchains organization that can put a wide range of applications and integrations into practice in Nevada and globally.”
Cambridge’s principals, Matthew Commons, Alex Oberhauser and Muthu Arumugam, as well as its two software developers, will join Blockchains’ digital identity team, with complete integration targeted for the beginning of 2021.
“The acquisition increases our headcount by five, four of whom are based in Massachusetts,” Blockchains Vice President of Brand Elaina Duffy said in an email to the NNBW. “We currently employ 100 individuals, and we plan to grow that number in 2021 through hiring in Northern Nevada and globally.”
Cambridge Blockchain’s enterprise framework is expected to further accelerate Blockchains’ efforts in “building a blockchain ecosystem that meets the needs of biometrically secured credentialing in government, future e-wallets, document provenance, and other products that will change how individuals interact in a digital world,” per the release.
“When it comes to digital transformation, a robust and secure digital identity framework is key to any transactive system,” Blockchains founder Jeffrey Berns said in a statement. “I look toward the upcoming year when Blockchains will deliver its digital identity solution as well as its suite of products aimed at providing the most secure and user-friendly management for individuals’ digital interactions.”