Davies Group acquires AML services provider 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, and form part of the digital customer management business, led by managing director Jason Wolfe.
Through this acquisition Davies aims to simplify its customer solutions business by creating three client-facing segments: digital customer management, customer experience & engagement and risk & regulatory services.
This 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.
The R&Q deal extended Davies’ reach and capability in insurance services and captive management, and added new operations in the UK and Bermuda. Davies acquired JMD and Requiem in the UK, Quest in Bermuda, and John Heath and AMA in North America.
As part of the Veriphy deal, founders and directors George Stark and George Ford will continue to lead the business.
“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,” said Dan Saulter, group CEO of Davies. “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.”
Stark added: “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.”
