LSEG to expand its global range of digital identity solutions through acquisition of Global Data Consortium Inc
London Stock Exchange Group (LSEG) today announces it has agreed to acquire Global Data Consortium Inc (GDC), a global provider of high-quality identity verification data to support clients with Know Your Customer (KYC) requirements (the Transaction).
Founded in 2012, GDC specializes in delivering high-speed electronic digital identity verification. GDC provides global name and address matching capabilities that enable them to accurately source and enhance data from over 300 data sources globally and to deliver high quality identity data in near real-time for over 70 countries.
GDC’s services are currently used within the LSEG Customer and Third-Party Risk business, to provide global digital identity verification to customers. Following completion, GDC will be part of LSEG’s Data & Analytics division.
Andrea Remyn Stone, Group Head, Data & Analytics LSEG, said:
“Adding GDC to the suite of digital identity solutions within our Data & Analytics division, will enable us to continue to expand our capabilities in this high growth segment, through both direct sales and channel partnerships. I look forward to working with the team at GDC to deliver on our promise of being the platform of choice to manage financial crime related risks.”
Phil Cotter, Group Head of Customer & Third-Party Risk Solutions, LSEG, said:
“This transaction delivers a compelling opportunity to acquire a strategic capability aligned to our vision of becoming a market leading global Digital Identity and Fraud (DI&F) solutions provider. The acquisition of GDC, combined with our existing capabilities from GIACT and Qual-ID, will enable customers to verify digital identity and protect against fraud globally with a suite of real-time, accurate solutions.”
Bill Spruill, Founder and President, GDC, said:
“I’m thrilled that GDC is joining the LSEG family. Building on the previous partnership followed by the investment, with the Customer and Third-Party Risk business, LSEG always felt like a natural fit for GDC. The opportunity to accelerate our global growth, leveraging the breadth and scale of LSEG, presents a compelling opportunity for our team to better serve our global customers delivering innovative new solutions for the market.”
Refinitiv acquired a 11% stake in GDC in 2020. The terms of the Transaction have not been disclosed. The Transaction is expected to close in H1 2022, subject to regulatory approvals.
Source: London Stock Exchange Group