Business
Definitive agreement to acquire CSIdentity Corp
Definitive agreement to acquire CSIdentity Corp.
About this update from Experian Plc
[{"type":"text","content":"\n \nRNS Number : 5998V Experian plc 19 April 2016 \n\n \nnews release\n \n \nDefinitive agreement to acquire CSIdentity Corporation\n \n19 April 2016 - Experian, the global information services company, is pleased to announce that it has signed a definitive agreement to acquire CSIdentity Corporation (\"CSID\"), a leading provider of consumer identity management and fraud detection services. The transaction is subject to Hart-Scott-Rodino regulatory approval in the US and other customary closing conditions. The purchase price is US$360m, payable in full at closing, which will be funded from Experian's existing committed bank facilities. \n \nBrian Cassin, Chief Executive Officer of Experian said: \n\"The acquisition of CSID accelerates execution of our Consumer Services strategy and enables us to address a broader spectrum of the consumer market. By combining Experian and CSID capabilities, we will provide best-in-class products to give consumers greater control over their identity and credit information in one proposition. We look forward to welcoming the CSID team to Experian and building stronger and ever more compelling services which help consumers to protect, manage and make the most of their data. Following completion, we expect CSID to be immediately enhancing to Group earnings.\"\n \nThe identity protection market\nIdentity theft is a significant and growing concern, with the risk becoming more prevalent as companies store information on consumers digitally and as people share personal information online. Consumers have a heightened desire to protect themselves and are increasingly seeking out personalised solutions to protect their identity. Organisations which have been the victims of criminal activity often have an obligation to assist consumers who may have been affected by a data breach. As such, consumer adoption of identity-related services is increasing, with the US identity protection market estimated to be a US$1.6 billion industry, with opportunities for continued strong growth. \n \nCSID overview and business model\nFounded in 2006, CSID established itself as the wholesale technology and services provider to the identity protection industry. It has developed a diverse revenue base, delivering significant growth in clients and revenues to become a majo...