ID verification firm acquires New Zealand business for £10m

GB Group, the ID and security specialist, has acquired a New Zealand provider of electronic ID verification for £10m.

The Chester-headquartered group will pay Cloudcheck £6m cash and a further £4m will be paid through share issues following completion of audited accounts for the financial year ending 31 March 2024.

Founded in 2012, Cloudcheck is a leading SaaS provider of electronic ID verification and anti-money laundering solutions.

The acquisition will provide GB upsell opportunities across its current services.

Chris Clark, GB Group’s CEO, said: “This acquisition follows GBG’s proven model for global identity services: combining our internationally sourced data and expertise with locally relevant capability.

“The Cloudcheck platform will be able to consume GBG’s international data and create an opportunity for our New Zealand customers to benefit from the breadth of other identity and anti-fraud services we can provide.

“Cloudcheck will also complement GBG’s successful approach to its identity strategy in Australasia – providing experienced local presence and best-of-breed domestic product to our customers.”