ID verification group announces share-based deal for rival

GB Group, the Chester-based identification verification specialist, has announced the acquisition of Investigate 2020 subsidiary (HooYu Investigate) of HooYu Limited.

The deal is based on a share deal worth around £4m.

HooYu Investigate automates fraud investigations and will broaden the services GBG provides.

GBG’s solutions are already widely used by customers for fraud investigation, law enforcement and asset reunification purposes and the new product, branded GBG Investigate, will enhance the way that organisations can make informed decisions to reduce fraud and risk, and prevent crime.

Founded in 2017, London-based HooYu Investigate brings innovation to the UK investigations market and has a customer base that extends GBG’s market reach in the UK and further enables GBG’s Connexus product to accelerate revenue growth.

The technologists who created the HooYu Investigate service will join GBG as a result of this acquisition.

GBG chief executive, Chris Clark, said: “By joining forces with HooYu Investigate, GBG will create a scalable platform for growth, providing customers with a critical service to fight ever more sophisticated financial crime and reduce organisational risk in the UK.

HooYu Investigate has built an exceptional product that will complement our existing business and I very much look forward to the potential offered by bringing the two development teams together.”

HooYu Limited has placed HooYu Investigate assets into Investigate 2020 Limited.

GBG has acquired the entire issued and to be issued share capital of Investigate 2020 Limited.

HooYu Limited will be issued with 446,784 new ordinary shares of 2.5p each in the company based on a £4m consideration.