Davies Group has acquired Veriphy, a know-your-customer and anti-money laundering compliance solutions business.
Veriphy has become a part of the Davies customer solutions business, led by CEO Mark Grocott, and has added to existing digital capabilities, including the company’s 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 and engagement, and risk and regulatory services.
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.
The Davies customer solutions business now boasts more than 120 professionals delivering operations, consulting and digital solutions to insurers, highly regulated businesses and major brands across the UK, Ireland, Bermuda and North America.
The Veriphy deal is the company’s fourth of 2018. Most recently, Davies acquired 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 operations and digital platform, and recently reported strong revenue growth of 41% in the year to 30 June 2018.
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.”
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.”