Global identity data intelligence vendor GB Group has acquired 100 percent of Australian-headquartered identity verification vendor Vix Verify Global, for a total cash consideration of $38.3 million.
Through the acquisition, GB Group, based in the UK and listed on the London stock exchange, will take its identity verification and location intelligence solutions to the Australia and New Zealand market where GBG provides fraud detection solutions.
Vix Verify’s solution is powered by its greenID platform, and its offering includes identity verification, business verification, mobile onboarding, biometric verification, fraud detection and global document authentication, among others.
The vendor targets verticals such as government, telecommunications, education, online gaming, financial services and others. It provides identity solutions to more than 400 businesses across Australia and New Zealand.
The company made $21.9 million in revenue in the 2018 financial year.
Vix Verify Group chief executive James Smith said his team was excited about becoming part of GBG.
“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,” he said.
“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.”
GBG chief executive Chris Clark welcomed VVG into the fold.
“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,” he 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. 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.”