Strategic Acquisition Creates Global Leader, Transforming Digital Identity and Fraud Prevention
The combination supports GBG’s goal of building trust in a digital world, providing differentiated solutions for all points of the identity verification and identity fraud customer journey.
Acquisition Enables GBG to Continue Expansion in the United States – the world’s largest and most strategically important market for location, identity and fraud services
The combination accelerates GBG’s data, product and technology ambitions, delivering world-class technology throughout the customer lifecycle and bringing together the industry’s most qualified audit experts. identity and fraud prevention.
LONDON, November 19, 2021– (BUSINESS WIRE) – GB Group plc (AIM: GBG), experts in digital location, identity and identity fraud software, today announced that it has reached an agreement to acquire Acuant, a leading vendor KYC / AML identity and compliance verification, for a cashless, debt-free enterprise value of $ 736 million. The Acuant acquisition brings together two of the leaders in the global digital identity market with combined revenue of around £ 265million.
A long-time partner, Acuant has a suite of products that naturally complements IDology’s existing US-based GBG services. The acquisition creates a strategically important North American market leader and accelerates the deployment of GBG’s identity and fraud solutions globally. The combined product portfolio will provide the industry’s best end-to-end capabilities and an enhanced technology platform that will support both companies’ existing network of partners and customers as they handle billions of global transactions across multiple industries. industrial.
Acuant has deliberately developed its Trusted Identity Platform with a powerful orchestration layer and an easy-to-configure journey generator, making cutting-edge technology accessible to everyone. This platform enables the seamless combination of data, documents, biometrics and analytics for consumption throughout the customer lifecycle: integration, strong authentication, KYC / AML compliance, fraud and risk analysis , real-time monitoring and reuse of identity. These capabilities, available as point solutions or integrated services, are applicable in all consumer or citizen markets and can be deployed globally, building on GBG’s existing presence in APAC and EMEA. .
The platform is scalable internationally, enabling GBG and Acuant customers to deploy solutions in multiple geographies and accelerate GBG’s growth in APAC and Europe.
The global identity verification market is expected to reach $ 15.8 billion by 2025 and the rapidly growing identity fraud market is expected to reach $ 9.6 billion by 2025.1. The acquisition of Acuant by GBG strengthens its offering in both markets with a solution for any industry that needs to trust an identity, whether motivated by compliance management, reducing the cost of fraud or improving the customer experience at the point of purchase.
GBG and Acuant share a common vision to create a platform that enables trust in the digital economy, and this vision is underpinned by similar cultures and common values, proven over years of working together on existing business projects. Acuant brings a team of over 200 highly experienced digital IDV professionals and over 1,000 customers, with nearly half of the revenue generated by Acuant’s strong network of channel partners.
This transaction should complete all the necessary legal and regulatory steps by the end of November 2021.
Chris Clark, CEO of GBG, said: “We are delighted to announce the acquisition of Acuant. It is a company that we have worked with and that we have admired for many years. The combination of our two activities is complementary and powerful. Together, we are creating a global leader in data, document and biometric identity verification services and strengthening our mutual ability to capitalize on the rapidly growing identity fraud market.
The United States is the largest and most strategic market for location, identity and fraud services. The combination of GBG and Acuant is a radical change in this market, increasing scale, expanding our customer base and introducing us to exciting new areas. Equally important, it also strengthens the breadth of our portfolio of technologies that we can use to support our current customers in new ways in growth areas such as APAC and Europe where we already have a strong footprint.
The Acuant team brings new skills and talents to GBG, along with an aligned culture and shared vision to enable confidence in the digital economy. We are excited about the potential of the combined activities and the acceleration it gives to our strategic goals. “
Yossi Zekri, CEO of Acuant, said: “It’s an exciting day for Acuant. We are very proud of everything Acuant has accomplished to date – building a portfolio of world-class technologies and a strong market position in several sectors. There are still great opportunities ahead and joining the GBG family is the best way for us to capitalize on these opportunities. Our customer base, our technology and our geographic mix are complementary and culturally aligned with our mission, our vision and the way we invest in our people and care for our customers. We are very attentive looking forward to working together in the years to come. “
GBG is the expert in digital tracking, identity and identity fraud software, helping organizations around the world remove friction from their digital experiences. GBG develops and delivers digital identity, address verification, fraud prevention and compliance software to more than 20,000 customers worldwide.
Through the combination of the latest technology, the most accurate data and unmatched expertise, GBG helps organizations ranging from start-ups to the world’s leading consumer and tech brands to deliver seamless experiences, enabling their customers to ” conduct online transactions with greater confidence.
Based in the UK with over 1,000 team members in 15 countries.
To learn more about how we help our clients build trust with their clients, visit www.gbgplc.com.
Acuant’s trusted identity platform enables businesses and governments to transact with confidence in our digital world. Acuant builds trust in seconds wherever consumers, governments and businesses want to transact, fighting fraud and accelerating trusted identities. The ability to securely create, verify, monitor and share digital identities with Acuant’s inclusive technology is accessible to everyone in the world. AI-powered Identity Verification and Regulatory Compliance (AML / KYC) solutions deliver unmatched results and operational efficiency with omnichannel deployment.
Completing over 1.5 billion transactions in more than 200 countries and territories, Acuant gives global trust to industry leaders in finance, crypto, retail, healthcare, games, hospitality and more.
1 Source: Markets and Market Identity Verification and Fraud Detection and Prevention Reports (2020-2021).
See the source version on businesswire.com: https://www.businesswire.com/news/home/20211919005288/en/
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