UK digital identity provider GBG could be set for £1.3bn takeover

Sep 8, 2022 | News

Digital identity specialist GB Group (GBG) could be set for a £1.3bn takeover by US private equity fund GTCR as foreign investors continue to raid UK tech companies.

The Chicago-based group confirmed overnight that it is interested in acquiring GB Group, which is listed on the London Stock Exchange. “In response to the recent press speculation regarding GB Group plc, GTCR LLC, on behalf of certain of its affiliated funds, confirms that it is currently considering a possible cash offer for the company,” a GTCR statement said.

“There can be no certainty that any firm offer will be made, nor as to the terms on which any firm offer might be made. A further announcement will be made as and when appropriate.”

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Now that talks have commenced, GTCR has until October 4 to make an offer for GBG.

Founded in 1989 and based in Chester, GBG has been providing identity verification services to customers around the world since 2006.

It also offers data and document verification, as well as compliance tools to help businesses spot potential fraud and comply with anti-money laundering and know your customer (KYC) regulations. Customers listed on the company’s website include car maker Volvo, as well as financial services companies such as Revolut and BNP Paribas.

GBG employs some 1,200 people, and posted 2021 revenue of £217m, with an operating profit of £58.8m. It is listed on London’s AIM market.

In response to GCTR’s statement, GBG told shareholders: “The board of GBG notes GTCR’s statement that there can be no certainty that any firm offer will be made for the company, nor as to the terms on which any firm offer might be made. Any proposals received will be evaluated by the board of GBG together with its advisers.”

Source: Tech Monitor

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