29th Jun 2016 07:29
LONDON (Alliance News) - Identity data company GB Group PLC on Wednesday said it has struck a deal worth up to GBP45.0 million to acquire software firm IDscan Biometrics and will back the deal with a share placing.
GB will pay GBP37.0 million in cash to acquire IDscan Biometrics, with a further GBP8.0 million due over the following 12 to 18 months based on IDscan hitting earnings and revenue targets.
The deal will be backed by the placing of up to 9.1 million shares at 275.00 pence apiece to raise GBP25.0 million. This will be conducted via an accelerated bookbuild, run by Peel Hunt LLP as sole bookrunner, which will be launched immediately.
GB Group shares were up 1.0% to 291.00p on Wednesday morning.
IDscan provides software which automates on-boarding of customers and employees by simplifying the identify verification and data capture process, GB said. It helps authenticate documents including passports, visas, ID cards, driving licenses, utility bills and work permits and captures facial biometrics to check the documents are not stolen.
GB said the deal will complement its existing Know Your Customer, Anti-Money Laundering and fraud detection services.
"I am delighted to announce our acquisition of IDscan Biometrics. 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," said GB Chief Executive Richard Law.
By Sam Unsted; [email protected]; @SamUAtAlliance
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