Audax Private Equity Completes the Sale of Acuant, Inc. to GB Group Plc

BOSTON--(BUSINESS WIRE)--Audax Private Equity (“Audax”) today announced that it has successfully completed the sale of Acuant, Inc. (“Acuant”) to GB Group Plc (“GBG”).

Acuant is a leading identity verification and KYC/AML compliance provider. Founded in 1999 and headquartered in Los Angeles, California, Acuant’s product offerings include identity verification, digital identity / eDNA proofing, and anti-fraud regulatory compliance tools. Acuant has more than 200 employees worldwide, serving a base of over 1,000 customers.

Since coming under Audax ownership in September of 2018, Acuant has achieved several key milestones of transformative growth:

• Led significant team buildout efforts in critical engineering and go-to-market roles to accelerate revenue growth and product innovation
• Diversified from a physical ID verification point solution to a primarily cloud-based digital identity proofing and fraud prevention platform
• Completed the acquisitions of IdentityMind and Hello Soda to expand their product suite, breaking into new verticals and strengthening footholds within existing ones
• Received FedRAMP Authorization for their cloud-delivered identity verification solution for government agencies

Tim Mack, Managing Director at Audax, remarked, “We are proud of the growth that Acuant has achieved in such a short period of time. The team has built a comprehensive identity verification and compliance platform, that has helped establish them as a leader in the global identity market.”

Iveshu Bhatia, Managing Director at Audax, added, “Our partnership with Acuant over the past few years has been highly collaborative. We are proud of everything the team has accomplished and wish them all the best as they continue their journey with GBG.”

Yossi Zekri, Chief Executive Officer of Acuant, commented, “Audax has played a crucial role in helping Acuant execute on its growth plan over the past few years. Through their support, we were able to establish a strong set of business fundamentals, bring on a world-class management and engineering team, and execute two highly strategic acquisitions. We are excited for the next phase of our journey with GBG as we look to become a true leader in global digital identity verification.”

Raymond James Financial served as financial advisor and Kirkland & Ellis served as legal advisor to Acuant.