LSEG to Acquire Identity Verification Data Platform GDC

London Stock Exchange Group (LON: LSEG) announced on Tuesday its decision to acquire Global Data Consortium Inc (GDC), which is providing identity verification data for supporting clients with know-your-customer (KYC Know Your Customer (KYC) Know Your Customer (KYC) is the process via which the broker is verifying the true identity of its clients in order to comply with multiple regulations. KYC is used to assess the suitability of customers when it comes to anti-money laundering regulations, any type of financial fraud and determining whether they are potentially risky for the brokerage.In particular, KYC guidelines in financial services mandate that individuals make a cohesive effort to verify the identity, suitability, and risks Know Your Customer (KYC) is the process via which the broker is verifying the true identity of its clients in order to comply with multiple regulations. KYC is used to assess the suitability of customers when it comes to anti-money laundering regulations, any type of financial fraud and determining whether they are potentially risky for the brokerage.In particular, KYC guidelines in financial services mandate that individuals make a cohesive effort to verify the identity, suitability, and risks Read this Term) requirements.

The London-based financial conglomerate is expecting to close the acquisition deal by the first half of 2021, after which it will become a part of LSEG’s Data & Analytics division. However, neither the companies disclosed the terms of the deal.

“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,” said Andrea Remyn Stone, LSEG’s Global Head for Data and Analytics.

A Strategic Acquisition

GDC was founded in 2012 and is delivering high-speed infrastructure for electronic digital identity verification. It pulls customer data from over 300 global sources spanning 70 countries, thus making the identity verification process fast.

Prior to the acquisition Acquisition Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Read this Term decision, LSEG has been using GDC’s services for its customers and third-party risk businesses. Moreover, Refinitiv, which LSEG acquired early last year, also bought an 11 percent stake in GDC in 2020.

“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,” said Phil Cotter, LSEG’s Group Head of Customer & Third-Party Risk Solutions.

The Founder and President of GDC, Bill Spruill said: “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.”