Data intel firm GBG acquires IDology for $300m
Identity verification and fraud prevention specialist IDology has been acquired by UK-based identity data intelligence firm, GBG, for $300 million (£233 million) in cash, reports David Penn at Finovate.
The deal will give GBG broader reach into the North American market; and the company says 99% of IDology’s revenues come from the US.
The acquisition will also add technologies like IDology’s ExpectID suite of onboarding, verification, and authentication solutions, to GBG’s offerings. IDology’s senior management team will remain intact, with the company’s employee base joining GBG.
“For the past fifteen years, IDology has provided multi-layered identity verification,” IDology’s president and CEO John Dancu says. “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.”
IDology reported revenues of more than $38 million in 2018, at a CAGR of 16% and EBITDA of more than $16 million. In addition to praising the company’s growth, GBG CEO Chris Clark characterised IDology as a valuable partner in its mission to make broader inroads to the $1.5 billion US identity verification market.
The acquisition comes amid a new partnership announced between IDology and healthcare enterprise identification firm, NextGate. The Enterprise Master Patient Index (EMPI) platform will use IDology’s technology to help its customers improve accuracy in patient ID matching and bolster data collection and remediation work.