Identity and location verification platform GBG has acquired the entire issued share capital of IDology in an all in-cash deal worth £233m ($300m).
The main aim of this deal is to expand the firm’s global identity verification and fraud prevention capabilities in North America, which will serve as a key region of growth for the company.
UK-based GBG provides global companies with tools to verify and validate the identity and location of customers. Clients can use its platform to support fraud, risk and compliance processes and ensure AML and KYC checks are conducted compliantly.
The company has offices in New York and San Francisco, and already has a handful of US-based clients including Abercrombie and Fitch, Oracle and Nordstrom. IDology’s acquisition will increase its product suite and enhance its customer reach.
IDology provides identity verification services to help US companies streamline customer onboarding and fraud detection. Its solutions include identity verification, age verification, customer and digital authentication, document scanning and compliance tools.
Last year, IDology witnessed revenues of $38.2m at a CAGR of 16 per cent, and an EBITDA of $16.3m.
As part of the deal, IDology’s existing senior management team and employee base will retain their positions and join GBG.
IDology president and CEO John Dancu said, “For the past fifteen years, IDology has provided multi-layered identity verification. With the combination of IDology and GBG, we intend to innovate, delivering exceptional solutions for our customers, focusing on driving customer revenue and preventing fraud. With GBG’s expertise in global data, we are all excited to expand our solutions and our trusted consortium network for customers across the globe.”
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