{"id":1125,"date":"2016-06-29T00:00:00","date_gmt":"2016-06-29T00:00:00","guid":{"rendered":"https:\/\/www.techsparx.co.uk\/north\/uncategorized\/gbg-acquire-idscan-biometrics-raise-25-million\/"},"modified":"2025-02-28T14:37:27","modified_gmt":"2025-02-28T14:37:27","slug":"gbg-acquire-idscan-biometrics-raise-25-million","status":"publish","type":"post","link":"https:\/\/www.techsparx.co.uk\/north\/gbg-acquire-idscan-biometrics-raise-25-million\/","title":{"rendered":"GBG to acquire IDscan Biometrics and raise up to \u00a325 million"},"content":{"rendered":"

Chester-based identity intelligence specialist GB Group has conditionally agreed to acquire IDscan Biometrics and raise up to \u00a325 million.<\/p>\n

IDscan Biometrics helps authentication of documents including passports, visas, ID cards, driving licences, utility bills and work permits whilst also capturing facial biometrics which provides proof that those documents are not stolen. The combination represents a highly complementary capability set alongside GBG’s unique global Know Your Customer, Anti-Money Laundering and fraud detection solutions.<\/p>\n

The consideration will consist of cash on completion of \u00a337 million, with a further maximum \u00a38 million payable contingent on reaching revenue and EBITDA targets between 12 and 18 months from completion of the acquisition.<\/p>\n

Earlier this month, the company reported strong revenue growth \u00a0resulting in profits beating expectations.\u00a0The company has posted revenue growth of 28 per cent to \u00a373.4m in the year ending 31 March 2016, with organic revenues climbing by 16 per cent. Pre-tax profits after exceptional costs increased by 57 per cent to \u00a39.3m over the same period.<\/p>\n

Chief executive Richard Law said:\u00a0“GBG has had another strong year achieving record revenues and delivering profitability ahead of market expectations.\u00a0This is testament to the hard work, dedication and talent of our excellent team.<\/p>\n

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“This was achieved whilst simultaneously increasing our operating expenditure on the development of new products, expanding our international operations and strengthening our management team. As a result we enter the new financial year with strong momentum and excellent prospects and I’m pleased to report that trading since the start of the year is in line with the board’s expectations.”<\/p>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<\/section>\n

The Company intends to finance the acquisition through a non-underwritten share placing to raise up to \u00a325 million and through borrowings under its existing back facilities. The transaction is expected to be earnings accretive in the first 12 months of consolidated GBG ownership.<\/p>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

Chester-based identity intelligence specialist GB Group has conditionally agreed to acquire IDscan Biometrics and raise up to \u00a325 million. IDscan Biometrics helps authentication of documents including passports, visas, ID cards, driving licences, utility bills and work permits whilst also capturing facial biometrics which provides proof that those documents are not stolen. The combination represents a […]<\/p>\n","protected":false},"author":1,"featured_media":3235,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[27,31],"tags":[60],"class_list":["post-1125","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-software","category-tech-sparx","tag-chester"],"yoast_head":"\nGBG to acquire IDscan Biometrics and raise up to \u00a325 million - Regional technology news - North - TechSparx - Business technology stories in the North<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.techsparx.co.uk\/north\/gbg-acquire-idscan-biometrics-raise-25-million\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GBG to acquire IDscan Biometrics and raise up to \u00a325 million - Regional technology news - North - TechSparx - Business technology stories in the North\" \/>\n<meta property=\"og:description\" content=\"Chester-based identity intelligence specialist GB Group has conditionally agreed to acquire IDscan Biometrics and raise up to \u00a325 million. 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