GBG acquires identity verification and anti-money laundering firm Cloudcheck
GBG Group, a specialist in digital location, identity and identity fraud software, has announced that it has acquired Verifi Identity Services Limited, commonly known as Cloudcheck, a leading provider of electronic Identity Verification (IDV), and Anti-Money Laundering (AML) solutions in New Zealand.
With this acquisition, GBG brings to the New Zealand market an enhanced breadth of identity solutions that help meet complex AML/KYC compliance requirements together with its complimentary location and fraud and compliance offerings.
According to the company, Cloudcheck is renowned for its ease of use, configurability and value, and complements GBG's identity strategy with experienced local presence and best-of-breed domestic solutions including data sources and technologies to meet New Zealand's Electronic Identity Verification (EIV) guidelines.
Verifi Identity Services was founded in Auckland, New Zealand in 2012 by legal and financial services professionals Tyler McNamee and Vincent McCartney, and interactive pioneers Karl von Randow and Matthew Buchanan of Cactuslab. In 2018 and 2019, Verifi placed highly in the Deloitte Technology Fast 500 Asia Pacific.
"We are delighted with the acquisition of Cloudcheck," says Dev Dhiman, managing director, APAC at GBG.
"It has established a leadership position in New Zealand's electronic IDV market through understanding customer needs, solution effectiveness and speed to value," he says.
"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."
Vincent McCartney, Managing Director at Verifi Identity Services Limited, adds, "We are thrilled to be joining GBG and adding our suite of solutions to their globally leading platform and offerings.
"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," he says.
"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."
Carol Chris, regional general manager for Australia and New Zealand at GBG, says Cloudcheck adds a complementary suite of services to the GBG family.
"As the pandemic has driven greater demand and widespread use of digital identities solutions, while financial fraudsters and identity thieves are using increasingly sophisticated approaches with greater resources to conduct money laundering, phishing, and more, the combined offerings from GBG and Verifi will deliver significant benefits to businesses and financial institutions across the region," she says.