GB Group is pleased to announce the acquisition of 100% of Vix Verify Global Pty Limited and selected subsidiaries and assets (“VVG”), for a total cash consideration of A$38.3 million (£21.2 million). VVG is an Australian provider of identity verification and location intelligence software.
The acquisition of VVG brings additional scale to GBG’s identity verification and location intelligence solutions in Australia and New Zealand, two markets where GBG currently provides fraud detection solutions to customers.
VVG provides its blue-chip customer base with identity and location intelligence products that complement GBG’s existing IDV and Loqate solutions.
Chris Clark, Chief Executive of GBG, said:
“I am delighted to announce the acquisition of VVG. Its established track record of providing identity and location verification solutions will support our growing business in Australia and New Zealand.
“There are clear growth opportunities between GBG and VVG and this acquisition is a logical step in our strategy to expand internationally, extend the services we offer existing customers and increase our share in existing markets. VVG has a trusted management team with a like-minded culture, and we are excited to welcome this experienced group of people into GBG.
Our customers already benefit from our fraud detection solutions across the Asia Pacific region. We look forward to broadening our customer conversations to include our combined solutions in identity verification and location intelligence.”
James Smith, Chief Executive of VVG, said:
“We are really excited about becoming part of the GBG family. We’ve known the GBG team for a number of years and we’re delighted to take this opportunity to combine our resources to accelerate our growth in Australia, New Zealand and internationally. We’re sure that GBG is a good partner for our customers, home for our people and that we can provide both with greater opportunities as we bring the businesses together.”
VVG provides identity verification solutions for more than 400 government and private sector businesses in Australia and New Zealand via greenID, the market leading identity verification service. VVG also provides a range of best in class location intelligence products, which help businesses improve data quality and customer experience.
VVG ended the year to 30 June 2018 with net revenues of A$21.9 million. With synergies, the transaction is expected to be earnings accretive in the first 12 months of consolidated GBG ownership.