Identity Verification Startup Purchased for $300 Million
An Atlanta based startup that provides identification and fraud detection products has been acquired.
IDology’s identification verification and fraud detection solutions is used by various industries including banking, lending, gaming and lottery and fintech. It’s advantage over similar companies is they offer most of the solutions businesses will need for fraud protection and identification in one place. GBG offers similar services and considers its acquisition of IDology complementary to it’s existing business. It has 800 employees and 17,000 customers around the world.
“For the past fifteen years, IDology has provided multi-layered identity verification,” said IDology CEO John Dancu in a statement. “With the combination of IDology and GBG, we intend to innovate, delivering exceptional solutions for our customers, focusing on driving customer revenue and preventing fraud. With GBG’s expertise in global data, we are all excited to expand our solutions and our trusted consortium network for customers across the globe.”
Adds GBG’s CEO Chris Clark, “I am delighted to announce the acquisition of IDology,” he said. “With attractive organic growth, significant synergies and a strong cultural alignment, this is a high-quality addition to GBG. The combination of IDology and GBG enables us to meet growing customer appetite for an identify verification provider with global capabilities and scale in key markets.”
IDology launched in 2003 in Tallahassee, Fla. before moving to Atlanta to years later.