GBG, a Chester, UK headquartered identity management specialist firm, as per a recent press release statement, has acquired IDology, an identity verification & fraud prevention specialist firm headquartered in Atlanta, Georgia. The deal, which was finalized at $300 million (£233 million) in an all-cash transaction, will help GBG expand its reach, venturing deep into the North American market. IDology’s 99% of revenues come from the US customer base, which will surely benefit GBG, which plans to make its presence known in the US.
With this deal, IDology’s technologies like ExpectID suite of onboarding, verification, and authentication solutions, have now been added to GBG’s arsenal. IDology’s senior management team will remain the same and the company’s employee base will now be part of the GBG team.
According to John Dancu, IDology’s president and CEO, the company for the past fifteen years, has been offering multi-layered identity verification services. Now, with this acquisition, IDology, and GBG, both intend to walk on the path of technology innovation, to develop solutions that are exceptional to their customers. Both in combination will focus their efforts on driving customer revenue and preventing fraud.
Last year in 2018, IDology reported revenues of over $38 million, at a CAGR of 16% and EBITDA of over $16 million. GBG CEO Chris Clark, who praised IDology’s growth, also characterized it as a valuable partner, who will help them in their mission to venture deep into the $1.5 billion US identity verification market.