Callcredit Information Group Acquires Recipero to Accelerate the Execution of its Fraud and Identity Protection Strategy
Callcredit Information Group, backed by private equity firm, GTCR, has acquired Recipero, a company that has built one of the world’s largest proprietary databases containing detailed information of the history and ownership of mobile devices, in a deal designed to accelerate the growth of the company’s fraud and identity protection strategy. This is Callcredit’s second acquisition of 2016. The Group acquired customer experience management specialist, Numero, in March.
Mike Gordon, CEO, Callcredit Information Group, said: “The acquisition demonstrates our commitment to expanding our fraud and identity protection capabilities and will accelerate growth, provide the opportunity to develop unique, new offerings for our customers and support overseas expansion through Recipero’s US footprint.”
Established in 2000, Recipero has built one of the world’s largest proprietary databases of IMEI data identifying consumer mobile devices by serial number, ownership, theft, loss, insurance and warranty information, known clones, counterfeits and fraudulent trading information.
Recipero’s technology is used to detect and prevent mobile device theft and fraud; comply with legislation around the handling of secondary-market mobile device transactions; and assess whether a device can be activated on a particular mobile network. The Gloucester-based company has grown significantly since its inception and employs 20 people with operations across the UK and US.
Chris Green, Chief Commercial Officer, Callcredit Information Group, said: “The explosion in use of mobile devices for financial transactions, means mobile devices present the biggest, single point of failure for identity theft and fraud. If your phone is stolen, a criminal has everything they need to access your digital identity, including personal, sensitive and financial information. Recipero offers a natural extension to our existing fraud and identity protection solutions and has a number of products that will be embedded into many future solutions.”
Recipero will be combined into Callcredit’s existing fraud and identity protection solutions business, where the integration of products and solutions will enable Callcredit to bring differentiated solutions to its customers. Recipero operates in sectors which are complementary to Callcredit Information Group, including, mobile network operators, retailers, mobile electronics recyclers, insurers, logistics and finance companies, device repair shops, warranty providers and law enforcement agencies.
Mark Harman, Recipero CEO, said: “Becoming part of Callcredit Information Group is a perfect fit for our business and provides a unique opportunity for Recipero to build on its UK success. This also signifies a step change in our ambitions allowing us to accelerate our plans to expand our capabilities and scale the US business where we have already established a strong base.”
Callcredit engaged the Leeds offices of BDO as financial advisors and Addleshaw Goddard as legal advisors on this transaction. Recipero engaged Portico Capital as financial advisors and Clark Holt as legal advisors on this transaction.