LONDON, Feb. 11, 2019 /PRNewswire/ -- GBG, the UK-headquartered Identity Data Intelligence specialist, announces that it has conditionally agreed to acquire the entire issued share capital of IDology, a US-based provider of identity verification and fraud prevention services, for $300m (£233m) in an all-cash transaction.
IDology is a fast-growing provider of identity verification services that helps remove friction both in onboarding customers and in the detection of fraud. Its market-leading US identity verification and fraud prevention services, led by its ExpectID product range, are the perfect strategic complement to GBG's identity verification solutions.
GBG can quickly validate and verify the identity and location of 4.4 bn people globally and accesses a breadth of data from over 200 global partners to establish trust between businesses and their customers. Having completed 11 acquisitions since 2011, GBG's $300m acquisition of IDology is its largest to date.
GBG has seen strong growth in the US market. Its existing US identity business has grown organically with customers across technology, payments and retail verticals. Meanwhile Loqate, its location intelligence solution, has offices in New York City and San Francisco and has seen high demand from household names like Abercrombie and Fitch, Oracle and Nordstrom. The acquisition will strengthen GBG's broader portfolio and enhance the business' product capability and customer reach.
Over the course of 2018, IDology delivered revenues of $38.2m at a CAGR of 16%, and EBITDA of $16.3 million. The company will retain its entire senior management team and the employee base of IDology will join GBG.
Today, IDology has established itself as the market leader in domestic identity verification and authentication which enables fraud prevention across multiple sectors. The acquisition will strengthen GBG's portfolio, enhancing the business' product capability and customer reach.
GBG and IDology have a history of working together in partnership and share a similar culture with a strong emphasis on people and talent. IDology's US customer base currently accounts for 99% of its revenue, which will provide GBG with geographic scale and help to position GBG as a global leader in electronic identification verification.