LSEG to acquire digital identity firm GDC

London Stock Exchange Group (LSEG) reveals plans to become a Digital Identity and Fraud (DI&F) solutions provider

Posted 7 April 2022 by Christine Horton

London Stock Exchange Group (LSEG) is looking to tackle financial crime with plans to acquire digital identity verification provider Global Data Consortium (GDC).

Founded in 2012, GDC specialises in delivering high-speed electronic digital identity verification.

GDC says it provides global name and address matching capabilities that enable it to accurately source and enhance data from more than 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.

LSEG is one of the world’s largest providers of financial markets data and infrastructure. Following completion, GDC will be part of LSEG’s Data & Analytics division.

“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,” said Andrea Remyn Stone, group head, data & analytics LSEG.  

Phil Cotter, group head of customer & third-party risk solutions, LSEG, said the acquisition was aligned with the company’s vision of becoming a 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,” he said.

“I’m thrilled that GDC is joining the LSEG family,” added Bill Spruill, founder and president, GDC. “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 percent stake in GDC in 2020. The terms of the Transaction have not been disclosed. The deal is expected to close in H1 2022, subject to regulatory approvals.