Davies Adds New Regulatory and Compliance Capability Through Acquisition of Veriphy

Davies today announces the acquisition of Veriphy Limited, the award winning specialist KYC (Know Your Customer) and AML (Anti Money Laundering) compliance solutions SaaS business. Veriphy provides people & company checks, training, and outsourced identity verification solutions to clients operating in insurance, financial services, legal services, and other highly regulated markets.

Veriphy joins Davies’ Customer Solutions business, led by CEO Mark Grocott, and adds to existing digital capabilities, including Davies’ ServiceTick customer experience platform and its digital learning and development solutions.

The group’s enlarged Customer Solutions business will simplify its offering creating three client-facing segments: Digital Customer Management, Customer Experience & Engagement and Risk & Regulatory Services, as it aims for strong organic growth in the year ahead.

Under the deal, 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.

Davies’ Customer Solutions business now boasts more than 120 professionals delivering operations, consulting and digital solutions to insurers, highly regulated businesses & major brands across the UK, Ireland, Bermuda and North America.

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 leading customer experience (CX) consulting and digital solutions business; and most recently Direct Group’s claims businesses.

Over the course of 2018 Davies has added more than 100 new accounts from existing and new clients to its growing operations and digital platform, and recently reported strong revenue growth of 41% in the year to 30 June 2018, including 11% organic growth across the group, as well as its highest ever investment in technology and digital transformation.

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 said: “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.”