LSEG agrees to acquire digital identity verification firm GDC

Rick Steves

“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.”

London Stock Exchange Group (LSEG) has agreed to acquire Global Data Consortium Inc (GDC), a provider of high-speed electronic digital identity verification founded in 2012.

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.

Its KYC services are currently used within the LSEG Customer and Third-Party Risk business for digital identity verification. In 2020, Refinitiv acquired an 11% stake in 2020. Refinitiv has since been acquired by LSEG.

The Transaction is expected to close in H1 2022. Once the deal is completed, the firm will be part of LSEG’s Data & Analytics division.

LSEG wants to lead in Digital Identity and Fraud (DI&F)

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.”

In February, LSEG announced it will acquire TORA to further enhance the global footprint of LSEG’s Trading & Banking Solutions business, with TORA’s established presence in Asia and North America and operations in Europe.

TORA supports customers trading multiple asset classes across global markets with a number of solutions including an order and execution management system (OEMS) and portfolio management system (PMS) for customers trading equities, fixed income, FX, derivatives and digital assets.

The addition of digital assets to LSEG’s trading capabilities strengthens its offering as multi asset trading now includes the emerging asset class.

The acquisition will enable LSEG’s customers to benefit from a differentiated trading solution that combines the multi-asset class capabilities of TORA’s software with LSEG’s data and analytics services.

LSEG has agreed to pay $325 million for TORA, which be part of LSEG’s Data & Analytics division following completion of the transaction. The deal is expected to close in the second half of 2022, subject to regulatory approvals.

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