Allstate Corp has completed its $525 million buy of InfoArmor. The deal was announced in August. Summit Partners invested in InfoArmor in 2016. InfoArmor, of Scottsdale, Arizona, provides employee protection and cyber intelligence services.
Allstate Accelerates Expansion into Identity Protection with Acquisition of InfoArmor
Addresses emerging risks facing consumers
NORTHBROOK, Ill., Aug. 27, 2018 – The Allstate Corporation (NYSE: ALL) has agreed to acquire InfoArmor, Inc., a leading provider of employee identity protection to more than 1 million employees and their family members at over 1,400 firms, including more than 100 of the Fortune 500 companies. The privately held company, headquartered in Scottsdale, Arizona, will be purchased for $525 million in an all-cash transaction expected to close later this year.
“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,” said Tom Wilson, Chairman, President and CEO of Allstate. “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.”
“InfoArmor and Allstate are an unbeatable combination in providing identity protection to employees through voluntary benefit programs,” said John Schreiber, CEO of InfoArmor. “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 transaction is subject to regulatory approvals and customary closing conditions.
A presentation, including additional information on the transaction, is available on www.allstateinvestors.com.
The Allstate Corporation (NYSE: ALL) protects people from life’s uncertainties with more than 88 million proprietary policies. Allstate offers a broad array of protection products through multiple brands and diverse distribution channels, including auto, home, life and other insurance offered through its Allstate, Esurance, Encompass, SquareTrade and Answer Financial brands. Allstate is widely known from the slogan “You’re in Good Hands with Allstate.”
InfoArmor, Inc. is a leader in the identity protection and advanced threat intelligence industries. InfoArmor’s employee benefit, PrivacyArmor®, which is offered to employees by more than 100 of the Fortune 500 companies, is a proactive identity monitoring service that alerts users at the first sign of fraud and restores an individual’s identity. VigilanteATI® is InfoArmor’s corporate threat intelligence service, which monitors for emerging threats and protects companies from hacks and cyberattacks.
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