LONDON (Reuters) - European information provider Relx (REL.L) has agreed to buy U.S.-based ID Analytics for $375 million to further boost its ability to spot fraud and produce credit scores for its fastest-growing risk division.
Relx has transformed itself in the last decade, shedding its print publications and developing its ownership of data sets and analytics to help corporations make decisions. Listed in London, Amsterdam and New York, it has a market valuation of 37 billion pounds ($48 billion).
The purchase of the San Diego-based company, from NortonLifeLock, is Relx’s third-largest acquisition in a decade and the sixth business it has bought in California since 2015.
It will become part of Relx’s Risk & Business Analytics unit, its fastest growing division whose largest business operates under the LexisNexis Risk Solutions brand.
ID Analytics helps companies to spot customers who may want to set up new accounts to be used fraudulently, and uses alternative data sources to produce credit scores for those who may be unbanked or have limited credit files.
It owns proprietary data, patented analytics and has the ability to identify consumer behavior.
“Our acquisition of ID Analytics is in line with our growth strategy, which has organic growth as our cornerstone, enhanced by acquisitions targeting data and analytics capabilities that complement our existing business,” said Rick Trainor, CEO of LexisNexis Risk Solutions unit.
Reporting by Kate Holton; editing by Sarah Young