Insurance giant Allstate has agreed to acquire InfoArmor, a provider of employee identity protection, for $525 million in an all-cash transaction expected to close later this year.

InfoArmor, a privately held company, headquartered in Scottsdale, Arizona, serves more than one million employees and their family members at over 1,400 firms, including more than 100 of the Fortune 500 companies, according to a statement by Allstate.

“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.

The transaction is subject to regulatory approvals and customary closing conditions.

[Image courtesy: InfoArmor]