The Allstate Corporation, one of the largest primary insurers in the U.S, has entered into an agreement to acquire InfoArmor, an Arizona-based provider of employee identity protection, for an all-cash consideration of $525 million.
Headquartered in Scottsdale, Arizona, InfoArmor is a privately held company that provides identity protection to more than 1 million employees and their family members at over 1,400 firms.
Tom Wilson, President and Chief Executive Officer (CEO) of Allstate, commented on the deal: “Consumers are increasingly at risk of having their digital identities compromised. Last year there were over 16 million victims of identity fraud, which resulted in over $16 billion of losses.”
“With the acquisition of InfoArmor, Allstate will protect more customers from this risk and help rebuild their lives after they have been hacked,” Wilson continued. “InfoArmor is the go-to identity protection company in the employee benefits market, providing an opportunity to expand the Allstate Benefits business now serving over 4 million employees.”
John Schreiber, CEO of InfoArmor, also stated: “InfoArmor and Allstate are an unbeatable combination in providing identity protection to employees through voluntary benefit programs.
“Our relationships with top benefit brokers and over 1,000 companies will be enhanced by Allstate’s capabilities and access to the Allstate Benefits distribution network.”
The parties stated that the transaction is expected to close later in 2018, subject to regulatory approvals and customary closing conditions.
