Identity verification solutions provider Jumio plans to sell its business to Facebook co-founder and long-term backer Eduardo Saverin through an asset sale agreed as part of bankruptcy proceedings initiated by the company.

Jumio plans to sell all its assets to Jumio Acquisition LLC, a new entity formed by Saverin, with the company noting that it believes a sale is “the single best path to provide the company with the necessary resources to continue to fund and scale the business in its next phase of growth.”

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