Identity intelligence specialist GB Group has announced 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 Placing is being conducted through an accelerated bookbuild process which will be launched immediately. Peel Hunt LLP is acting as sole bookrunner in connection with the Placing.Richard Law, GBG's CEO, commented,”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. I am very pleased to welcome IDscan Biometrics into the GBG family of companies and myself and the Board are confident of continued success for GBG and IDscan Biometrics.”
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