London (PRWEB) April 10, 2007
World-Check, the leading provider of structured intelligence on heightened risk individuals and entities, announced today that it has received a significant equity investment from Spectrum Equity Investors and HarbourVest Partners. The investment will position the company for its next stage of growth, further improve its service to customers, and help it execute on its global expansion strategy. Following the transaction, Chris Mitchell and Adam Margolin from Spectrum, and Alex Rogers from HarbourVest, will join the World-Check board of directors. Terms of the transaction were not disclosed.
David Leppan, founder and CEO of World-Check said, "We are extremely pleased to have Spectrum make this strategic investment in the company. While World-Check has grown significantly since its founding six years ago, we believe we are still in the early stages of the company's growth opportunity. With their domain expertise and financial resources, Spectrum represents the ideal partner to help World-Check further capitalize on the numerous growth prospects facing the company. We are also pleased to have HarbourVest as investors given their strong international presence and extensive resources."
"World-Check is a perfect fit for Spectrum, given our focus on investments in profitable, growing providers of information services," said Chris Mitchell, managing director of Spectrum Equity Investors. "The Company has emerged as the clear market leader and industry standard for Know Your Customer (KYC) and Anti-Money Laundering (AML) intelligence, and its roster of marquee clients consistently attests to the value of the product in managing financial and reputational risk, as well as in complying with regulatory requirements. We look forward to working with David and the management team to build a world class company."
World-Check is relied upon by more than 2,000 institutions, including 45 of the world's 50 largest financial institutions and hundreds of government agencies and regulators, with its global database of heightened-risk individuals and businesses. World-Check is utilized as an integral part of its clients' customer due diligence efforts both at the point of new account origination as well as for ongoing screens of existing customer lists.
"The World-Check brand is synonymous with quality, and the product is deeply embedded in many of its customers' core processes. Given the company's global reach, meticulous research, and depth of content, World-Check has become an indispensable tool for uncovering and preventing fraud," said Alex Rogers, Principal of HarbourVest.
"World-Check's KYC approach is also becoming increasingly important to customer segments beyond the banking industry -- from non-bank financial institutions such as insurance providers, broker-dealers, and asset managers, to newer verticals such as telecommunications, gaming, payments, and online media," said Adam Margolin, vice president of Spectrum Equity Investors. "As the company's financial partner, we are eager to help the company accommodate such demand, and are thrilled to include World-Check among our portfolio of information services companies."
Portico Capital Securities served as the exclusive financial advisor to World-Check on the transaction. Latham & Watkins served as legal advisor to Spectrum Equity Investors. Senior debt financing was provided by Goldman Sachs.
World-Check is relied upon by more than 2,000 institutions, including 45 of the world's 50 largest financial institutions and hundreds of government agencies, with its global database of heightened-risk individuals and businesses. The database is updated daily in real-time by World-Check's international research team and is derived from hundreds of thousands of public sources. Coverage includes PEPs, money launderers, fraudsters, terrorists and sanctioned entities - plus individuals and businesses from over a dozen other high-risk categories. World-Check's proprietary database and tools have direct use in financial compliance, anti-money laundering (AML), Know-Your-Customer (KYC), Politically Exposed Person (PEP) screening, enhanced due diligence (EDD), fraud prevention, government intelligence and other identity authentication, background screening and risk-prevention practices. World-Check offers a downloadable database for the automated screening of an entire customer base, as well as a simple online service for quick customer screening. For more information, please visit http://www.world-check.com
About Spectrum Equity Investors
Spectrum Equity Investors is a leading private equity firm specializing in investments in profitable, growing service businesses throughout North America and Europe. Founded in 1994 with offices in Boston and Menlo Park, Spectrum has over $4 billion in capital under management. Spectrum invests behind strong management teams and provides active board-level assistance to help create and realize value. Spectrum has been an active investor in financial services infrastructure, software, and Internet services companies including Geneva Technology (acquired by Convergys), Illuminet (acquired by Verisign), iPay, ITA Software, Mortgagebot, NetQuote, RiskMetrics Group, and Seisint (acquired by Reed Elsevier).
About HarbourVest Partners
HarbourVest Partners, LLC is a global private equity investment firm founded in 1997 to assume the business of Hancock Venture Partners, Inc., a private equity vehicle formed in 1982. The firm's clients include more than 240 pension funds, endowments, foundations and financial institutions from North America, Europe, Australia and Japan. Since 1982, the team has committed $10.8 billion to private equity funds on a primary basis, completed $3.4 billion of secondary partnership interests, and invested $2.2 billion directly in operating companies. Offices are located in Boston, London and Hong Kong.