Mobile fraud company acquired by Callcredit
LEEDS’ Callcredit Information Group has snapped up Recipero, owners of a massive mobile phone database used to prevent device theft and fraud.
It received backing by private equity firm GTCR for the deal.
Recipero has built a database containing information on the history and ownership of mobile phone devices. It has information on ownership, theft, loss, insurance and warranty information, known clones, counterfeits and fraudulent trading information.
The company will be integrated into Callcredit’s existing fraud and identity protection business.
Callcredit said it wanted to focus on the growth of its fraud and identity protection strategy, having already acquired customer experience management specialist Numero in March.
Gloucester-based Recipero was founded in 2000 by Mark Harman, Adrian Portlock and Ross Stewart, who are all still involved in the business today. It employs 20 people.
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.”
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.”
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.”
The Leeds offices of BDO were appointed 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.
