GBG’s Acquisition of Acuant Caps Banner Year of Record Growth
December 16, 2021
Mission Driven, the GBG Family is Stronger Together to Fight Fraud Globally
The digital economy has been experiencing rapid growth; along with this growth comes increasing fraud. With sophisticated tactics for identity theft and other illicit activities, it’s more important than ever to truly know your customers. Businesses need identity proofing solutions they can trust and rely on to keep innovating and to keep up with fraud and increasing regulations. Acuant is pleased to now be part of the GBG family, including IDology and Loqate, to come together to power trust in the digital world. We are proud to recognize 2021 as a banner year that culminated the acquisition of Acuant by industry leader GBG.
Several milestones were achieved in 2021, strengthening the power of our platform and customer offerings:
Achieved Record Profitable Growth: In 2021, Acuant saw record growth processing more than 600M Identity Verification transactions YTD in over 200 counties and territories. This is in addition to more than 450M transactions in payments and banking transactions with compliance volume growth of more than 150%. We welcomed dozens of new partners globally from the financial, technology, retail, gaming and government verticals, to name a few.
Acquired by GBG: GB Group plc (AIM: GBG), a leading global provider of identity verification and KYC solutions headquartered in the UK, acquired Acuant in November. The powerful combination accelerates GBG’s data, product and platform strategy by approximately two years and brings together scarce, high-quality talent and makes GBG one of the world’s largest publicly traded companies that is purely focused on establishing trusted digital identities.
Acquired Hello Soda: Acuant acquired Hello Soda, bringing deep expertise in eMoney and gaming with powerful technology and data science capabilities. Their foundation in advanced analytics leverages digital data sources, matching algorithms and data science modeling to provide configurable and composite scoring to strengthen the power of Acuant’s Trusted Identity Platform.
Granted FedRAMP Authorization: Acuant achieved Federal Risk and Authorization Management Program (FedRAMP) Authorization, passing one of the world’s most rigorous SaaS certifications for its AssureID™, Ozone® and Facial Recognition System (COFRS) offerings, now available in the FedRAMP marketplace for government agencies. This status confirms that Acuant COFRS has compliant technical architecture that meets NIST SP 800-53 standards including FIPS 140-2 validated crypto-modules, multi-factor authentication, continuous monitoring and other security controls.
Additionally, to address more regulations, more use cases and to serve more demographics, we launched Video KYC for easy and secure identity proofing online. My Digital ID verifiable credentials, a collaboration with Microsoft to improve verifiability and secure information exchange, was also launched and is available in the Azure Active Directory (Azure AD).
Acuant President and CEO Yossi Zekri notes, “All of these achievements support one common mission: powering trust in the digital economy. In an industry dominated by private companies with partial solutions to address significant global problems, we have come together with homegrown, proprietary technology that provides best-in-class solutions for KYC and identity verification. Our inclusive tech was purposefully built by our talented teams and made accessible to all—regardless of their nationality, status, banking history or lack thereof—in order to allow businesses and governments to securely conduct transactions from anywhere in the world.”
Learn more from GBG’s Group Managing Director Nick Brown as he looks back at a busy year that helped customers balance consumer expectations and business imperatives in another fast-moving year for the digital economy, and hear from IDology’s CEO Christina Luttrell here as she reflects on major achievements from 2021.