The London Stock Exchange Group (LSEG) is set to acquire Global Data Consortium (GDC), a global provider of identity verification data to support clients with Know Your Customer (KYC) requirements, for an undisclosed amount.
The London-based stock exchange group, which is expecting to close the deal by the first half of 2021, said GDC will become part of its data & analytics division.
Refinitiv, which LSEG bought last January for $15 billion, acquired a 11% stake in GDC in 2020. Its KYC services are currently used within the LSEG customer and third-party risk business for 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.
“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, global head for data and analytics at LSEG.
Phil Cotter, group head of customer & third-party risk solutions, added, “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.”
This is not the first purchase of the year for LSEG. In February, it announced its intention to purchase TORA to further enhance the global footprint of its 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.
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