London Stock Exchange Group (LSEG) has agreed to acquire Global Data Consortium Inc (GDC), a global provider of identity verification data to support clients with Know Your Customer (KYC) requirements.
Established in 2012, GDC delivers electronic digital identity verification. The company offers global name and address matching capabilities that allow them to accurately source and enhance data from more than 300 data sources globally and to deliver identity data in near real-time for more than 70 countries.
Earlier in 2020, Refinitiv acquired an 11% stake in GDC.
Currently, GDC’s services are used within the LSEG Customer and Third-Party Risk business. They provide global digital identity verification to customers. Following the finalisation of the acquisition, GDC will be part of LSEG’s Data & Analytics division.
The terms of the deal have not been disclosed but the official announcement said the transaction is expected to close in the first half 2022.
Andrea Remyn Stone, Group Head, Data & Analytics LSEG, commented:
Andrea Remyn Stone Source: LinkedIn
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, added:
Bill Spruill Source: LinkedIn
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.
Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.