Gb Group plc, a digital location, identity and identify fraud software provider, has acquired Acuant, an identity verification and KYC/AML compliance provider. The deal is expected to close by the end of the month for $735 million.
Acuant, a long-time partner, has a naturally complementary product portfolio to GBG’s existing services, IDology. The deal will accelerate the introduction of GBG’s identity and fraud service globally. The combined portfolio will provide a technology platform that will support both firms’ network of customers and partners.
Acuant will bring a team of over 200 highly experienced digital IDV professionals with over 1,000 customers. The purchase will strengthen the firm’s offering in both the identity verification and identity fraud market.
“The combination of our two businesses is a complementary and powerful one,” added Chris Clark, CEO at GBG. “Together we create a global leader in data, document and biometric identity verification services and strengthen our mutual capability to capitalize on the fast-growing identity fraud market.”