HarbourVest and Spectrum invest in World-Check(2)

Spectrum Equity Investors has expanded its information service portfolio by investing in World-Check alongside HarbourVest.

Boston-based Spectrum Equity Investors and HarbourVest Partners have bought anti-fraud database provider World-Check, for an undisclosed sum.

World-Check is used by more than 2000 institutions, including 45 of the world’s 50 largest financial institutions and hundreds of government agencies and regulators, who utilise its global database of heightened-risk individuals and businesses. The product is used in due diligence efforts when accounts are opened and existing customers are screened.

Chris Mitchell, managing director of Spectrum, said: “[World-Check’s] roster of marquee clients consistently attests to the value of the product in managing financial and reputational risk, as well as in complying with regulatory requirements.”

Mitchell and colleague Adam Margolin, along with Alex Rogers from HarbourVest, will join the World-Check board of directors.

Spectrum invests throughout North America and Europe and has over $4 billion (€3 billion) under management. The investor has other information services providers in its portfolio including Classic Media, an owner and manager of family entertainment intellectual property rights, and the Generations Network, an Internet subscription service for genealogy research.

HarbourVest has committed $10.8 billion to private equity funds on a primary basis and completed $3.4 billion of secondary partnership interests. It has also invested $2.2 billion directly in operating companies.