Experian announced that it has agreed to acquire 192business Limited, subject to approval by the Office of Fair Trading. 192business is a leading provider of online identity verification services based in the United Kingdom. Launched in 2002, 192business helps organizations to verify and manage the identity of their customers online in order to minimize fraud and risk. Increasing regulation, the rise in fraud globally, growth in e-commerce sales and the move from traditional offline identity checks to online checks are all contributing to growth in the identity verification market.
In the year to 31 March 2011, 192business reported revenue from continuing operations of US$11m, and at 31 March 2011 had gross assets of US$9m. 192business will be acquired from its founding shareholder, senior employees and private investors. The acquisition will be funded from Experian’s existing cash resources.
Source: Experian Press Release