Chester-based identity data company GB Group (GBG) announced that it has acquired Cloudcheck, a leading provider of electronic identity verification (IDV) and anti-money laundering (AML) solutions in New Zealand, in a cash and shares deal.
“The upfront consideration payable to the vendors of Cloudcheck is NZ$20 million (approximately £10 million) comprising of an NZ$12 million cash payment and the issuance of NZ$8 million of shares in GBG based on a 30-day volume weighted average share price (equal to approximately £4 million or exactly 580,768 shares),” said GB Group.
“Contingent upon Cloudcheck’s revenue growth, a payment of up to NZ$4 million in cash may become payable following completion of audited accounts for the financial year ending 31 March 2023.
“Furthermore, contingent upon Cloudcheck’s revenue growth, an additional payment of up to NZ$4 million in cash may become payable following completion of audited accounts for the financial year ending 31 March 2024.”
GB Group CEO Chris Clark said: “We are delighted with the acquisition of Cloudcheck.
“It has established a market leadership position in New Zealand’s electronic IDV market by closely understanding local customer needs and delivering a strong technology-led solution.
“This acquisition follows GBG’s proven model for global identity services: combining our internationally sourced data and expertise with locally relevant capability.
“The Cloudcheck platform will be able to consume GBG’s international data and create an opportunity for our New Zealand customers to benefit from the breadth of other identity and anti-fraud services we can provide.
“Cloudcheck will also complement GBG’s successful approach to its identity strategy in Australasia – providing experienced local presence and best-of-breed domestic product to our customers.“