Credit rating agency Experian has acquired insurance aggregator Gabi and digital payments business PagueVeloz for a combined sum of $353m.
Experian paid $320m for InsurTech Gabi, a company that claims it helps connect people’s current insurance policies online and see equivalent or better coverage from over 40 top insurance companies. For PagueVeloz, Experian will pay $33m.
According to Experian, the rationale behind the acquisition of Gabi was due to its desire to expand its presence in the insurance marketplace and claimed that ‘this wholly-owned digital insurance agency allows us to expand our presence in the auto insurance vertical.
In October last year, Experian was ordered by the Information Commissioner’s Office to improve how it handles personal data.
This was done after the ICO conducted a two-year investigation that looked into how Experian, Trans Union and Equifax used personal data within their data broking business for direct marketing purposes.
Earlier in the same year, it had been found that Experian may have exposed the private data of 24 million South African customers are around 800,000 companies in a cybersecurity breach.
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