GBG reaches $19M deal for New Zealand selfie biometrics provider Cloudcheck
Cloudcheck is how Verifi Identity Services Limited is commonly known. The company provides identity verification and anti-money laundering (AML) services, including ID document checks with optical character recognition (CR) and selfie biometrics. Prolific North pegs Cloudcheck’s fiscal 2021 revenues at NZ$5 million ($3.3 million).
The deal will increase the breadth of identity solutions for know your customer (KYC) and AML compliance requirements in New Zealand. Cloudcheck’s ease of use, configurability and value are also compliments to GBG’s identity strategy. The acquired company gives GBG an experienced local presence and leading domestic solutions and data sources for meeting New Zealand’s Electronic Identity Verification (EIV) guidelines, according to the announcement.
“We are thrilled to be joining GBG and adding our suite of solutions to their globally leading platform and offerings,” Verifi Identity Services Limited Managing Director Vincent McCartney says. “After a decade of building Cloudcheck to be the market leader in New Zealand, this is an exciting stage in our journey as we become part of an organisation and network that reaches every corner of the world with truly end-to-end solutions across IDV, AML, compliance, and fraud prevention. As we continue to operate independently in New Zealand, our customers and partners can look forward to still receiving the same great service they already get from our team, with the added benefits of being able to easily expand or deepen their approaches to IDV and AML/KYC.”
“(Cloudcheck) has established a leadership position in New Zealand’s electronic IDV market through understanding customer needs, solution effectiveness and speed to value,” states GBG Managing Director for APAC Dev Dhiman. “This acquisition follows GBG’s successful model for global identity services: combining our internationally sourced data and expertise with locally relevant capability and is aligned to our strategy – providing an opportunity to expand regionally, broadening the services we offer existing customers, increasing our market share, and driving long-term sustainable growth.”
The acquisition follows GBG’s high-profile $736 million deal for Acuant, which gave GBG a strong face biometrics provider presence in the U.S.