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AuthBridge acquires Benguluru-based Footprints Collateral Services

AuthBridge acquires Benguluru-based Footprints Collateral Services

New Delhi, Oct 29 (PTI) AuthBridge Research Services which offers employee background screening solutions Monday said it has acquired Bengaluru-based Footprints Collateral Services. AuthBridge CEO and founder Ajay Trehan declined to comment on the deal size but said the acquisition is the "biggest one deal in an emerging and much-desired industry of background screening in India". Given the changing socio-economic dynamics in India, the demand for screening services has seen a steady increase across industries, and AuthBridge caters to requirements across the board, he said. "However, there is still a huge demand-supply gap, mostly because the market is served by an unorganised segment that has little or no technology enablement, as data collected also needs to be controlled and secured by the firms," Trehan said. The company already has a 30 per cent market share of the industry and is growing at 40-50 per cent annually, compared to the industry growth rate of 12-15 per cent, he said. The company screens about 10,000 individuals a day with industries like telecom, ride-sharing and food delivery driving demand. "This acquisition is a part of our long-term growth strategy of investing in service, scale and technology...we expect to have 40 per cent market share by March 2020," he said. PTI SR SHWANS