ID specialist in share placing to fund £37m deal
GB GROUP, the identity data specialist, is to buy a biometrics software business for £37m.
IDscan Biometrics’ software automates on-boarding of customers and employees by simplifying the identity verification and data capture process.
Its technology helps the authentication of documents including passports, visas, ID cards, driving licenses, utility bills and work permits whilst also capturing facial biometrics which provides proof that those documents are not stolen.
Chester-based GB Group will pay £37m in cash, with up to an additional £8m payable if revenue and EBITDA targets are met between 12 and 18 months after the acquisition.
The £73m turnover listed company plans to raise £25m through a share placing to pay for the acquisition, along with bank borrowing.
Richard Law, GB Group’s chief executive, said: “GBG has followed IDscan Biometrics over the years and we have seen this business grow strongly, winning significant enterprise customers.
“IDscan Biometrics has a very strong team, has great products and is a great strategic and cultural fit for GBG. I am very pleased to welcome IDscan Biometrics into the GBG family of companies and myself and the Board are confident of continued success for GBG and IDscan Biometrics.”
Squire Patton Boggs Corporate partner Giles Chesher, assisted by Jonathan Paines, advised GB Group on the acquisition and share placing.
