1st Jun 2015 07:26
LONDON (Alliance News) - Crisis assistance company red24 Monday said it has bought RISQ Worldwide Pte Ltd for an initial GBP267,000 and up to a further GBP485,000 depending on RISQ's financial performance in the year from June 30, 2016 to June 30, 2017.
RISQ has offices in Singapore and Hong Kong and specialises in corporate investigations, business intelligence, employment background screening and bribery act compliance as well as risk solutions for high net worth individuals.
The head of RISQ, Michael Haughey, will head the red24 business in Asia and the global corporate investigations practice, the company said.
RISQ made revenue of GBP679,000 in the year to June 30, 2014, a net liability of GBP279,000 and an operating loss of GBP170,134. The current financial year to date has seen an improvement in trading with an increase in revenue and a return to profitability, red24 said.
The acquisition is expected to complete on July 1.
"I am delighted to announce the acquisition of RISQ which we believe will augment the company both strategically and financially, thereby enhancing shareholder value. RISQ has established an extremely compelling value proposition comprising strong long-term relationships with its extensive experience in Asia," red24 Chairman Simon Richards said in a statement.
"The combination of red24 and RISQ will enable the company to benefit from cross selling products and provide a permanent presence in Asia from which to develop in the region," Richards added.
Shares in red24 opened down 0.9% at 18.70 pence on Monday.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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