Centana Growth Partners has tapped Jefferies to run the Jumio auction, two sources said.
The process is expected to begin in April, one of the sources said. Centana is seeking bids of $500 million for Jumio, Buyouts reported in February.
Jumio, Palo Alto, California, is an online verification company. It has three products — Netverify, BAM Checkout and Fastfill — that help businesses verify documents, like passports and driver’s licenses, using mobile apps and online.
Customers include WeWork, Coinbase, Airbnb and UAE Exchange. This month, Jumio said it opened a Singapore sales office. The company also named Frederic Ho a vice president for Asia-Pacific to oversee expansion.
The sale of Jumio represents a turnaround for the company.
Jumio raised $40 million in funding from investors including Andreessen Horowitz and Facebook Co-Founder Eduardo Saverin, Buyouts reported. The company ended up seeking Chapter 11 in March 2016 after a government investigation into accounting irregularities and stock sales by its former management team made it hard to raise funding, Reuters reported at the time.
Centana acquired Jumio out of bankruptcy in May 2016. PitchBook valued the deal at $900,000. Months later, in August, the company collected $15 million in funding from Centana and Millennium Technology Value Partners.
Executives for Centana and Jefferies declined comment. Millennium Technology could not be reached for comment.
Action Item: Contact Centana’s Ben Cukier at +1 212-256-8450
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