Identity management specialist GB Group has announced the acquisition of London-based customer registration and address management company Capscan Parent Limited for £11.2 million.
Chester-based GB Group stated that the purchase, which is its third such deal over the previous six months, adds 54 employees to its team people alongside ‘robust technology and a client portfolio of more than 1,800 customers’.
“This is most definitely a case of the whole being greater than the sum of the parts,” Said Richard Law, Chief Executive Officer for GB Group.
“We have long-admired Capscan Parent’s impressive history and client base as a rival. We are, therefore, excited to be bringing the Capscan Parent and GB Group teams and product offerings together and this third acquisition in six months further demonstrates our commitment to accelerate our share of the growing market for online identity management.
“Identity management is a fundamental enabler of online business and this acquisition significantly enhances GB Group’s strategy and prospects in this market. I’m very excited for the future prospects of GB Group.
“The global identity management opportunity is exciting. We know that businesses, especially those looking to trade online and exploit cross-border opportunities, are grappling with a multitude of trading and compliance challenges, especially in quickly emerging markets. Businesses want peace of mind that customer data can be instantly verified and captured accurately and also that they have the right level of insight to maximise customer profitability. The online market is growing exponentially and so is GB Group’s reputation among online brands. There’s a clear opportunity for us to provide the tools for this online gold rush.”
GB Group, which provides services to the likes of Betfair, SkyBet, 32Red and Virgin gaming revealed that its trio of recent acquisitions consolidates its position domestically and internationally as a market leader in identity management and should increase its revenues to around £35 million from £24 million a year ago. The firm also declared that the fresh additions of Denmark and South Africa to its service has brought the number of people around the world that it is able to verify online to approximately one billion.
“Combining the strengths of two leading address management companies is an exciting prospect and our collective potential, both in the UK and globally, is significant, especially in the bigger and highly valuable field of identity management,” said Terry Hiles, Managing Director for Capscan Parent.
“I imagine competitors will be intrigued and even nervous about this move, and rightly so. The combination of our businesses with our desire to evolve with our clients’ needs and a history of innovation will make us a force to be reckoned with.”
Source: iGamingBusiness.com
