GB Group is to acquire Atlanta-based identification verification firm for $300 million in cash, the companies have announced.
The Chester-headquartered firm will buy identity verification and fraud detection services specialist IDology, which has more than 500 customers and for the year to 31 December 2018 generated revenues of $38.2m.
GB Group generated $154 million in revenue in 2018, and has more than 800 employees.
Founded in 2003, IDology provides digital identity verification and authentication services that fight fraud.
It is expected that IDology’s presence in the US will help GB Group to expand internationally into the verification market.
“For the past fifteen years, IDology has provided multi-layered identity verification,” said IDology president and CEO John Dancu.
“With the combination of IDology and GBG, we intend to innovate, delivering exceptional solutions for our customers, focusing on driving customer revenue and preventing fraud.
“With GBG’s expertise in global data, we are all excited to expand our solutions and our trusted consortium network for customers across the globe.”
The acquisition will be financed via a vendor placing, which will be conducted through an accelerated book build jointly managed by Peel Hunt LLP and Investec Bank.
“For the past fifteen years, IDology has provided multi-layered identity verification,” IDology president and CEO John Dancu said.
“With the combination of IDology and GBG, we intend to innovate, delivering exceptional solutions for our customers, focusing on driving customer revenue and preventing fraud.
“With GBG’s expertise in global data, we are all excited to expand our solutions and our trusted consortium network for customers across the globe.”
Last year GBG acquired Verifeyed, whose technology can detect images that have been photoshopped or manipulated.