GBG (AIM: GBG), the identity data intelligence specialist, is pleased to announce that it has conditionally agreed to acquire 100% of IDscan Biometrics, a provider of software that automates on-boarding of customers and employees by simplifying the identity verification and data capture process.
IDscan Biometrics helps authentication of documents including passports, visas, ID cards, driving licenses, 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.
The consideration will consist of cash on completion of £37 million, with a further maximum £8 million payable contingent on reaching revenue and EBITDA targets between 12 and 18 months from completion of the Acquisition. The Company intends to finance the acquisition through a non-underwritten share placing to raise up to £25 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.
The most profitable and successful organisations recognise the value of understanding the individual identity of their customers and employees. GBG combines this concept of identity with technology to create an environment of trust, so that organisations can employ people and connect, communicate and transact with consumers, safely and responsibly. We call this Identity Data Intelligence.
Source: GBG Press Release