LSEG acquires digital ID verification data provider Global Data Consortium
London Stock Exchange Group (LSEG) has agreed to acquire Global Data Consortium (GDC), a global provider of identity verification data to support clients with know your customer (KYC) requirements.
GDC founder Bill Spruill. Image source: LinkedIn
The terms of the deal have not been disclosed.
Founded in 2012 and based in North Carolina, US, GDC provides name and address matching capabilities that enable users to accurately source and enhance data from over 300 data sources globally and to deliver 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.
Following completion, which is expected in H1 this year, GDC will become part of LSEG’s Data and Analytics division.
Bill Spruill, founder and president of GDC, says LSEG “always felt like a natural fit for GDC”.
The stock exchange already owns an 11% stake in GDC via its subsidiary Refinitiv (a provider of financial market data and infrastructure that was acquired by LSEG in 2019 for $27 billion).
Recently, LSEG also picked up California-based fintech TORA for $325 million and UK-based Quantile Technologies for £274 million.
At the same time, it is shedding its BETA+ business, which consists of BETA, Maxit and Digital Investor and provides back-office processing solutions to the wealth management industry. Last month, LSEG agreed to sell it to Clearlake Capital and Motive Partners for $1.1 billion.
