UK based GB Group plc, a Digital Identity Firm, to Acquire Acuant, a KYC/AML Compliance Provider

GB Group plc (AIM:GBG), which claims to be an expert in digital location, identity and identity fraud software, has announced that it reached an agreement to acquire Acuant, an identity verification and KYC/AML compliance provider, for a cash-free, “debt-free” enterprise value of $736 million.

The acquisition of Acuant brings together key players in the global digital identity market with a “combined revenue of c.£265 million.”

As mentioned in a release, Acuant is a long-time partner and has a product suite that should serve as a complement to GBG’s US-headquartered services from IDology. The acquisition establishes a leader in the strategically important North American market and “accelerates the rollout of GBG’s identity and fraud solutions globally.”

The announcement also mentioned that the combined product portfolio will offer the industry’s best capabilities and an improved tech platform that will support the companies’ network of partners and clients as they manage billions in transactions across several different industry segments.

As noted in a release, Acuant has purposefully developed its Trusted Identity Platform with a robust orchestration layer and easy-to-configure journey builder, making innovative tech accessible to everyone. This platform supports the combination of data, documents, biometrics and analytics for consumption across the entire customer lifecycle: onboarding, step-up authentication, KYC/AML compliance, fraud and risk analysis, real-time monitoring and identity re-use.

These capabilities, accessible as point solutions or integrated services, are applicable across consumer and/or citizen-facing markets and may be deployed internationally, thus building upon GBG’s APAC and EMEA presence.

The platform is scalable globally, enabling GBG and Acuant clients to launch solutions in several different geographies while accelerating GBG’s growth in the APAC region and across Europe.

The international ID verification market is expected to be valued at around $15.8 billion by 2025 and the fast-growing identity fraud market is set to be valued at $9.6 billion by 2025. GBG’s acquisition of Acuant solidifies its product offering in both markets with a solution for any industry that “needs to trust an identity, whether driven by managing compliance, reducing the cost of fraud or improving 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 collaboration on existing commercial projects.”

Acuant brings a team of more than 200 qualified digital IDV professionals and 1,000+ clients, with almost half of revenues being powered by Acuant’s strong channel partner network.

This transaction is “expected to complete all necessary legal and regulatory steps by end November 2021.”

Chris Clark, CEO at GBG, stated:

“We are delighted to announce the acquisition of Acuant. It is a business that we have worked with and admired for many years. The combination of our two businesses is a complementary and powerful one. Together we create a global leader in data, document and biometric identity verification services and strengthen our mutual capability to capitalise on the fast-growing identity fraud market.

Yossi Zekri, Chief Executive Officer at Acuant, remarked:

“This is an exciting day for Acuant. We are very proud of everything that Acuant has achieved to date – building a world-class technology portfolio and a strong market position across multiple sectors. There is still significant opportunity ahead and joining the GBG family is the best way for us to capitalise on those opportunities. Our customer, technology and geographical mix are complementary and culturally we are aligned in our mission, vision, and how we invest in our people and look after our customers. We are very much looking forward to working together in the years ahead.”

Sponsored Links by DQ Promote



Send this to a friend