Canadian online identity verification startup Trulioo announced today that they have acquired Global Data Company, which specializes in electronic, cross-border identity verification based in Melbourne, Australia for an undisclosed sum.
Techvibes has learned that it was a stock and cash deal.
The strategic acquisition positions Vancouver-based Trulioo to enter the anti-money laundering compliance space.
The acquistion begs the question: how did a startup with only $10 million in funding pull off the purchase of a much larger established company? Trulioo's valuation is rumored to be approaching nine figures, so clearly the combination of cash and stock made the math work.
Blumberg Capital is an investor in Trulioo and based on the numbers being thrown around they may have already found the next HootSuite.
“Identity is the foundation for trust online,” claims Stephen Ufford, Founder and CEO of Trulioo. “We are fortunate to have the highly experienced team from GDC join us in our pursuit to fix the Internet’s oldest and most pervasive problem,” says Ufford.
As the pioneer in cyber identity verification, Trulioo aims to continue disrupting the space with new technologies such as TruDetect, which has been used to verify over 100 million cyber identities and is available in 186 countries around the globe. The company plans to continue GDC’s identity verification business in Australia as well as offering access to over 130 independent data sources in over 30 countries through a single integration. Customers will now have the ability to verify new and existing customers in order to facilitate financial transactions, meet regulatory compliance requirements and mitigate risk.
"We are excited to join forces with Trulioo,” says Ed Sedgley, Founder and CEO at GDC. “Trulioo is an emerging force in the market, with the combination of the two companies being a big win for our customers both today and in the future.”
The acquisition is a first for Trulioo, with GDC being a formerly held subsidiary of WHP Investments Inc.