LONDON (ShareCast) - (Sharecast News) - GB Group on Monday acquired 100% of Australian identity verification and location intelligence software outfit Vix Verify Global together with selected subsidiaries and assets.
The acquisition, which cost identity data company GBG AU$38.3m (approximately £21.2m) in cash, was expected to bring additional scale to its ID verification and location intelligence offerings in Australia and New Zealand, where it currently provides fraud detection software.

Chris Clark, GBG's chief executive, said: "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."

Newly acquired VVG ended the year to 30 June with net revenues and profit before tax of AU$21.9m and AU$0.8m respectively, together with net assets of AU$0.1m.

The transaction is expected to be earnings accretive within the first 12 months of ownership due to VVG's similar and complementary business model and a "trusted and experienced" management team.

"GBG 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," said Clark.

GBG's shares were down 0.37% at 535.00p at 1210 BST.

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