Avast has acquired SecureKey Technologies to bolster the firm's digital authentication and identity management portfolio.

The deal was announced on Thursday. Financial details have not been disclosed. 

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According to the cybersecurity firm, the purchase "will expand Avast's Identity product and services portfolio as part of its digital freedom vision."

Founded in 2008, the Ontario, Canada-based firm is the developer of access management solutions for the enterprise. SecureKey's software includes identity and authentication management processes -- connecting consumers to banks, telecommunications firms, and government agencies -- to "securely and privately authenticate with, and assert their identities for accessing, the services of participating organizations." 

The organization's technologies have an emphasis on financial data security and handling personally identifiable information (PII). Over 200 million digital ID transactions are managed by SecureKey every year worldwide. 

"We live in a digital world but are being forced to use outdated and broken identity systems, with too many avenues that welcome the possibility of fraud," SecureKey says. 

SecureKey has memberships and affiliations with organizations including The Linux Foundation, Fido Alliance, Hyperledger, and DIACC. 

Fortune Business Insights estimates that the identity and access management market services market will be worth$34.52 billion by 2028. 

Avast CEO Ondrej Vlcek said the company "envisage[s] a global and reusable digital identity framework which will underpin a new trust layer for the internet," and to reach this goal, digital identity management needs to be developed further on an international scale. 

Avast says the acquisition is expected to close next month, with SecureKey products becoming available to consumers under the Avast umbrella in the second quarter. 

"By working closely with governments, financial institutions, and businesses, we have an established track record of trusted and mature identity networks that provide consumers with the secure digital capabilities they deserve," commented SecureKey CEO Greg Wolfond. "Combining forces with Avast enables us to innovate further and faster with our technology as we together look to build a more trustworthy future for all internet users."

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