Gurugram-based employee background screening solutions provider AuthBridge has acquired Bengaluru-based HR service and background verification provider Footprints Collateral Services.
While the quantum of the deal remains, undisclosed, according to AuthBridge CEO Ajay Trehan, it is one of the biggest deal in an emerging and much-desired industry of background screening in India.
Founded by Ajay Trehan in 20015, AuthBridge helps companies and startups across various domains, with employee background verification by offering an array of technology-driven solutions based on their requirements like KYC Solutions, Aadhaar enabled services, identity verification, education check, and physical address verification, among others.
AuthBridge has clients across sectors like financial services, telecom, healthcare, IT, sharing economy, and manufacturing. Its client list includes fortune 500 companies along with a number of other top companies across domains.
Working in the employee screening niche, AuthBridge already has about 30% market share.
The latest acquisition, helps the company to leverage Footprints’ highly proficient team, delivery locations and a set of clients which complements its current portfolio and increasing its clients’ portfolio to over 1000 across the country.
With the acquisition, AuthBridge is looking to expand its market share to 40% by March 2020.
Sharing his future goals, Ajay Trehan, said, “This acquisition is a part of our long-term growth strategy of investing in service, scale and technology to become the trust-enabler for the Indian Economy,”
He further added, “We are building the Trust-Infrastructure for India with our databases, technology, network, customer relationships and scale. We continue to scout for more complementing businesses that can strengthen our capabilities. We will continue to deliver superior financial performance, invest in newer technologies in our chosen areas and set new standards of customer service.”
The employee background verification industry is a highly fragmented and unorganised market. It is expected to be a billion dollar market, with a huge potential for growth, with less competition.
AuthBridge is a market leader in this unorganised industry with little to no technological enablement and the recent acquisition further establishes its place in the market, further strengthening its position.