London Stock Exchange to Buy Global Data Consortium for Digital ID Drive

GDC provides name and address matching capabilities from over 300 data sources globally and delivers identity data in 70+ countries.

London Stock Exchange Group (LSEG) will acquire identity verification data provider Global Data Consortium (GDC) for an undisclosed amount.

Founded in 2012, GDC is based in North Carolina. It provides name and address matching capabilities from over 300 data sources globally and delivers identity data in 70+ countries. LSEG says its data can be used to support know your customer (KYC) requirements.

GDC’s services are currently used within the LSEG Customer and Third-Party Risk business. Following completion of the acquisition, GDC will be part of LSEG’s Data & Analytics division.

Phil Cotter, Group Head of Customer & Third-Party Risk Solutions, LSEG, explains: “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.”

It’s not clear if there are any job cuts or changes. However, Bill Spruill, Founder and President, GDC, did say he is “thrilled that GDC is joining the LSEG family”. GDC has 45 employees listed on LinkedIn.

Refinitiv, a subsidiary of LSEG, acquired a 11% stake in GDC in 2020. The transaction is expected to close in H1 2022, subject to regulatory approvals.

In other news, LSEG has been busy splashing the cash.

Last month it made an undisclosed investment and “long-term” partnership with Floww, a platform that connects investors with private companies.

In February LSEG said it will acquire cloud-based technology provider TORA for $325 million (£239 million) to boost its buy side and digital asset interests.

In December 2021, LSEG announced it will buy Quantile Group, a provider of portfolio optimisation services for financial markets, for £274 million.

LSEG doesn’t just buy things. It can sell them as well.

Last month Clearlake Capital and Motive Partners partnered to acquire the BETA+ platform technology from LSEG for an undisclosed sum.

Antony Peyton
Antony Peyton
Antony Peyton is the Editor of eWeek UK. He has 18 years' journalism and writing experience. His career has taken him to China, Japan and the UK - covering tech, fintech and business. Follow on Twitter @TonyFintech.
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