The digital identity cabinet GBG has entered into an agreement to acquire the identity verification provider Sharpening in a $ 736 million cash and debt-free deal that brings together two leaders in the global digital identity industry.
âA long-time partner, Acuant has a suite of products that naturally complements IDology’s existing US-based GBG services,â London-based GBG said in a statement. Press release Friday (November 19). âThe acquisition creates a strategically important North American market leader and accelerates the deployment of GBG’s identity and fraud solutions globally. “
The companies say the combined product portfolio will create a technology platform that can support the partner and customer network of both companies, handling billions of global transactions across several different industries.
âThe United States is the largest and most strategic market for tracking, identity and fraud services,â said Chris clark, CEO of GBG.
âThe 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,â said Clark. âEqually 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. . “
Acuant employs more than 200 digital VID professionals and has more than 1,000 customers, nearly half of whose revenues come from Acuant’s channel partner network. The acquisition is expected to complete all necessary regulatory and legal steps by the end of this month.
Read more: Digital identifiers create anchors of trust between FIs and all consumers
In an interview with PYMNTS in June, the CEO of Acuant Yossi Zerki spoke about the importance of building trust between financial institutions and customers who trust businesses with their identity.
Customers want to know if their data is stored and, if so, how it could be stored, if they open a bank account or take out a mortgage. And they want a mechanism, ideally something they can hold in their hands, that allows them to control how their identities are shared, who they are shared with.
âConsumers should be able to trust those to whom we give the keys to our identity,â he said.