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The Allstate Corporation has announced that it will acquire InfoArmor, a provider of employee identity protection for more than one million employees and their family members at more than 1,400 forms, including more than 100 of the Fortune 500 companies. Arizona-based InfoArmor will be purchased for $525 million in an all-cash transaction expected to close later in the year, Allstate said.
“Consumers are increasingly at risk of having their digital identities compromised,” said Tom Wilson, chairman, president and CEO of Allstate. “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. 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 four million employees.”
“InfoArmor and Allstate are an unbeatable combination in providing identity protection to employees through voluntary benefit programs,” said Jon Schreiber, CEO of InfoArmor. “Our relationships with top benefit brokers and more than 1,000 companies will be enhanced by Allstate’s capacities and access to the Allstate Benefits distribution network.”
