22nd Oct 2018 09:34
LONDON (Alliance News) - GB Group PLC said Monday it acquired Australian identity verification firm Vix Verify Global Ltd for GBP21 million.
GB - an identity data firm - will pay AUD38.3 million to buy Vix, equivalent to GBP21.2 million. The consideration will be paid in cash.
For the year ended June, Vix generated AUD800,000 in pretax profit on revenue of AUD21.9 million. For the year ended March, GB generated GBP13.4 million in pretax profit on revenue of GBP119.7 million.
GB Chief Executive Officer Chris Clark explained he was "delighted" by the deal adding that Vix's "established track record of providing identity and location verification solutions will support our growing business in Australia and New Zealand."
"There are clear growth opportunities between GBG and VVG and this acquisition is a logical step in our strategy to expand internationally, extend the services we offer existing customers and increase our share in existing markets."
Shares in GB were 1.0% higher at 542.22 pence on Monday.
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