Investment to Accelerate Growth of Leading Identity Theft and Credit Protection Company
Corsair Capital LLC (“Corsair”), one of the longest-standing private equity firms focused on business and financial services, today announced that it has acquired a majority stake in IDIQ®, a tech-enabled leader in credit report and identity theft monitoring.
As IDIQ’s strategic and financial partner, Corsair will leverage its deep fintech expertise to accelerate continued profitable growth and support the Company as it grows its customer base and product breadth through its unique partnership-driven model. Scott Hermann, Chief Executive Officer of IDIQ, will continue to lead the Company and remains IDIQ’s second largest owner.
IDIQ provides credit reporting, identity theft and dark web monitoring, identity restoration and related family protection services in the rapidly evolving $20 billion consumer identity monitoring market. Through its industry-leading IdentityIQ®, MyScoreIQ® and DataBreachIQ® brands, IDIQ helps protect consumers from the increasing threat of identity theft and fraud, particularly as consumers continue to shift their financial and retail habits to digital, as well as provides planning and response support for businesses in the event of a data breach.
“IDIQ’s innovative solutions address the critical need for credit, identity and cybersecurity protection, which the global pandemic has demonstrated to us is more important than ever, and IDIQ has achieved tremendous success growing its tech-enabled product offering,” said Jeremy Schein, partner at Corsair Capital. “We are excited to partner with Scott and the rest of the talented IDIQ team to support its next phase of growth. Data and security is a key area of focus at Corsair, and we believe our significant experience investing in and partnering with financial technology companies make IDIQ an ideal fit for our growing portfolio.”
“We’re thrilled to enter this next chapter with a trusted long-term, strategic and growth-focused partner like Corsair,” Hermann said. “With Corsair’s proven sector expertise, significant resources and relationship-driven approach, we are confident we will be able to accelerate the growth of our business, further enhance our solutions and provide crucial protection and peace of mind to even more Americans. I’m proud of our team for the work we’ve done over the past several months to get us to this milestone – especially as our customers continue to rely on our critical services more and more.”
IDIQ was founded in 2009 by Mikol Sesker, who continues to be a significant investor in the business. The Company has received numerous industry awards for its solutions, including Inc. magazine selecting it for the Inc. 5000 list of fastest-growing companies in the nation and The Silicon Review naming the IdentityIQ, MyScoreIQ and DataBreachIQ brands among the “50 Most Valuable Brands of the Year 2020.”
America’s Growth Capital, LLC acted as financial advisor to Corsair Capital in the transaction and Simpson Thacher & Bartlett LLP and Chapman & Cutler LLP acted as legal advisors. GCA Advisors, LLC acted as financial advisor to IDIQ in the transaction and Morrison & Foerster LLP acted as legal advisor.
About Corsair Capital
For the past 28 years, Corsair Capital has invested in many of the sub-sectors that comprise the financial services ecosystem in Europe and North America, and has developed a leading practice aligning with strong management teams and co-shareholders to grow specialist businesses. In particular, Corsair has focused on businesses that operate at the cross roads of technology transformation and financial services complexity and that require a deep understanding of, and a global network within, the broad financial industry. More information about Corsair Capital may be accessed through the website www.corsair-capital.com.
About IDIQ
IDIQ® is recognized as one of the fastest-growing industry leaders in credit and identity theft monitoring and data breach preparation. With the IdentityIQ®, DataBreachIQ® and MyScoreIQ® brands, the company delivers credit information, education and protection that benefits consumers and businesses. IDIQ features 100% U.S.-based customer service and support. For more information, visit www.IDIQ.com.
Source: https://in.news.yahoo.com/corsair-capital-acquires-majority-stake-140000112.html?&web_view=true
