Davies acquires regulatory and compliance platform Veriphy
Insurance service provider Davies Group has acquired Veriphy, a specialist KYC (know your customer) and AML (anti money laundering) compliance solutions SaaS (software as a service) business.
Veriphy will join Davies’ customer solutions business, led by CEO Mark Grocott.
Following the transaction, Davies said it will simplify its customer solutions business by creating three client-facing segments: digital customer management, customer experience & engagement and risk & regulatory services.
Veriphy will form part of the digital customer management business, led by managing director Jason Wolfe. Founders and directors of Veriphy, George Stark and George Ford will continue to lead the business.
The deal marks Davies’ fourth deal of 2018 after adding insurance services and captive management capability through the acquisition of Randall & Quilter’s Insurance Services businesses in January this year, Ember, a customer experience (CX) consulting and digital solutions business; and most recently Direct Group’s claims businesses.
Dan Saulter, group CEO of Davies, said: “Our clients have to get customer on-boarding, compliance and regulation right first time, and success here is essential to their business success and risk management. We want to help our clients achieve more and we want to continue to offer valuable additional services. Veriphy is a fast growing regulatory SaaS platform and we are excited to be able to offer its identity and compliance capability to our more than 400 clients across the wider Davies business.”
George Stark, director of Veriphy, commented: “I am delighted that Veriphy is becoming part of Davies as we plan our next phase of growth and development. Davies’ focus on client service, investment in technology and in disruptive thinking aligns strongly with the culture and approach at Veriphy.”
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