The acquisition adds Proxy’s digital identity signal platform to Oura’s lineup of smart rings that deliver health data, insights and guidance, the companies said in a Tuesday (May 9) press release.
“We are thrilled to collaborate with the innovative Proxy team to expand our addressable market, paving the way for new opportunities in areas such as payments, access, security, identity and beyond, fueling future growth,” Oura CEO Tom Hale said in the release. “With the acquisition of Proxy, we have the most comprehensive portfolio in the smart ring space.”
Oura targets the consumer wearables market with smart ring technology and a membership offering, both of which are focused on fostering healthy habits that are bolstered by continuous monitoring of the wearer’s individual biometrics, according to the press release.
The company it has acquired, Proxy, develops digital identity signal technology that is to be stored on mobile devices and replace keys, cards, badges, apps and passwords, the release said.
With the acquisition, the Proxy founders and team will join Oura, per the release.
“We’ve always had a vision for software that gives users sovereignty over their digital assets and identity,” Proxy Co-Founder and CEO Denis Mars said in the release. “We’ve been hustling in stealth mode developing a wearable with cutting-edge biometric authentication and security technology for a ‘wave to pay’ future. By joining Oura, the smart ring leader, we can change the game.”
PYMNTS research has found that most consumers now see biometric tools as the most secure way to authenticate a transaction.
It is also the most preferred authentication method for more than half of U.S. consumers, with 52% of those who use biometrics saying they prefer that authentication method over other options, according to “Consumer Authentication Preferences for Online Banking and Transactions,” a PYMNTS and Entersekt collaboration.
The news of Oura’s acquisition of Proxy comes about two weeks after the announcement that Oura’s smart ring has begun its rollout to Best Buy brick-and-mortar stores and is also available on the retailer’s website.
“Brick-and-mortar retail is a natural next step for Oura and marks a pivotal moment for the business as we continue to expand into the mainstream,” Hale said at the time.