27th Apr 2015 06:51
LONDON (Alliance News) - Identify data intelligence company GB Group PLC on Monday said it has acquired the remainder of San Francisco-based Loqate Inc that it did not already own for GBP13.4 million.
Loqate is a location-based software and data provider, and its partner base includes the likes of Oracle Inc and IBM Corp, GB said. GB is acquiring a further 74.5% stake in the business, meaning it now owns 100% of Loqate.
The consideration will include USD13.4 million in cash on completion of the deal, with a further USD2 million payable based on a revenue growth target for the year to the end of December 2015. GB expects the deal to be earnings enhancing in the current financial year.
"I'm extremely pleased with our acquisition of the balance of shares in Loqate and the group's strategic progress," said GB Chief Executive Richard Law. "Loqate is a good strategic fit for GB and it gives the group an established office and first-class team on the West Coast of the US."
By Sam Unsted; [email protected]; @SamUAtAlliance
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