AuthBridge Research Services — a Gurugram-based 13-year-old Indian provider of platforms and solutions that enable trust — has acquired Bangalore-based Footprints Collateral Services. With this acquisition, AuthBridge will be counted amongst the largest Indian companies offering employee background screening solutions.
This is probably the biggest deal in the background screening industry in the country, which currently caters to only five to seven per cent of the potential market, which is estimated to be more than a billion dollars in market size.
Given the changing socio-economic dynamics in a country, such as India, the demand for employee background verification services has been increasing steadily across industries and cities. It is required for the lowest rung of the employee chain — drivers, delivery boys— as well as the middle and top-level management. However, there exists a huge demand–supply gap mainly because the Indian market is catered to by an unorganised segment that lacks the relevant technology to collect and secure data.
Ajay Trehan, founder and CEO, AuthBridge, said, “India is changing and so are the employee-employer dynamics. Companies are operating in an evolved environment where brands and people’s reputation are extremely important and can be tarnished by the slightest misdeed of a single employee, irrespective of the designation. Thus, it becomes imperative and crucial for all companies and brands to ensure that the people who represent them are in sync with the company’s ethics and vision, and comply with them.”
When AuthBridge was established more than a decade back, employee screening was a niche concept. Today, it caters to 30 per cent of the market. The acquisition of Footprints has given the Company a strategic advantage in terms of a highly proficient team, delivery locations and clients.
Ajay Trehan
“India is changing and so are the employee-employer dynamics. Companies are operating in an evolved environment where brands and people’s reputation are extremely important and can be tarnished by the slightest misdeed of a single employee, irrespective of the designation. Thus, it becomes imperative and crucial for all companies and brands to ensure that the people who represent them are in sync with the company’s ethics and vision, and comply with them.”
The Company aims to contribute towards building India’s trust infrastructure through its databases, technology, network, customer relationships and scale. It will also look out for other businesses that will complement its portfolio and strengthen its capabilities.
Col Vijay Reddy, director & founder of Footprints said, “As a competitor, we had always admired AuthBridge for its processes. It is just the right kind of organisation that could have done justice to our clients and employees. This deal ensures that Footprints’ clients stand to gain hugely from AuthBridge’s industry-leading tech-enablement.”
AuthBridge’s offerings include instant identity verification, employment background screening, customer screening and partner due diligence .
