UK digital identity provider GBC to fall into US hands for GBP 1.3 bln

Tuesday 13 September 2022 14:44 CET | News

UK-based digital identity provider GB Group (GBG) has set to be taken over by US-based private equity firm GTCR for GBP 1.3 billion, as foreign investors raid UK tech.


The Chicago-based group confirmed that it is interested in acquiring GB Group, which is listed on the London Stock Exchange.  Company officilas explained that 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. Now that talks have commenced, GTCR has until 4 October 2022 to make an offer for GBG.


What does GBG accomplish?

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.


UK digital identity provider GBC to fall into US hands for GBP 1.3 bln


Foreign investors eye UK tech

The news of a potential GBG takeover is one of the latest in a string of potential acquisitions of publicly quoted UK tech companies launched by foreign investors, who are taking advantage of the challenging economic climate and diminishing value of the pound to snare a bargain.

In August 2022 it was revealed cybersecurity vendor Darktrace is in talks with private equity fund Thoma Bravo about an acquisition, while another security company, Avast, is leaving the London Stock Exchange after its takeover by US rival NortonLifeLock was cleared by the government.

Enterprise IT services stalwart Micro Focus last month announced a USD 6 billion acquisition by OpenText, a Canadian cloud software business, and one of the country’s oldest tech firms, engineering software provider Aveva, could be about to fall into French hands if Schneider Electric pursues a plan to acquire its entire share capital. Schneider already owns 59% of Aveva following a reverse takeover in 2017.

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Keywords: digital identity, identity verification, acquisition, KYC, AML
Categories: Fraud & Financial Crime
Companies: GBG, GTCR
Countries: United Kingdom, United States
This article is part of category

Fraud & Financial Crime




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