Jumio Inc., an identity verification company, won court approval to sell its assets to an affiliate of Centana Growth Partners Friday, settling a court-supervised sale process rife with controversy, the Wall Street Journal reported on Saturday. A bankruptcy judge approved the deal following an auction on Thursday in which the New York-based private-equity firm won the right to buy Jumio’s business. Jumio chose Centana’s $850,000 offer over a much larger offer from Facebook co-founder Eduardo Saverin, which the company’s shareholders vehemently opposed. The sale is scheduled to close today. Jumio’s software helps companies quickly verify passports and driver's licenses via mobile apps and the web, and its customers include Airbnb Inc. and United Airlines Inc. The Palo Alto, Calif.-based company says that its products can speed up checkout time, cut down on users’ data-entry errors, increase transaction completion rates and reduce fraud. The Centana sale included Jumio’s name, and the company will continue operating under the Jumio brand, according to a source familiar with the deal. The sale process was delayed last week after the company failed to attract any formal offers to compete with Mr. Saverin by a court-ordered deadline. But by Thursday, Jumio’s lawyer said two other bidders had come forward with serious offers. A 12-hour auction ultimately produced Centana’s winning bid, which drew no opposition at Friday’s hearing.
