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GBG: quarterlies, annuals, regulatory actions

Strong identity growth in Q4 drives GBG past analyst estimates
GBG: quarterlies, annuals, regulatory actions

May 22, 2024 – GBG earned revenues of £277.3 million (US$352.5 million) in full-year 2023 from its identity verification, KYC and fraud protection software, according to its preliminary results announcement, compared to £242.5 million in 2022. That represents a 2.7 gain on a constant currency basis.

Adjusting operating profit slightly beat analyst expectations, at £61.2 ($77.8 million).

The company says revenues from its digital identity business grew by 5 percent in the 4th quarter of 2023, while growth in licenses of fraud prevention software fell compared to two years of higher growth.

Fiscal ’23 revenue climbs as profit turns to a loss

June 16, 2023 – ID verifier GB Group reports a fiscal 2023 operating loss of £112.4 million (US$144.2 million) or £47.5p (or $.603) per share on statutory revenue of £278.8 million ($357.7 million). That compares with a fiscal 2022 operating profit of £23.4 million ($30 million) or £6.9p ($.086) on statutory revenue of £242.5 million ($310.7 million)

US private equity considers $1.5B buyout of GBG

Sept 8, 2022 – An American private equity fund is looking at a £1.3 billion GBG purchase, according to a statement given to Tech Monitor.

Depending on what happens with the proposed Idemia sale, it could be the year’s biggest acquisition in biometrics and digital ID.

GTCR, an equity fund in Chicago, says there is no guarantee of a price, or even an official offer, but says talks have commenced. The pair will have until Oct. 4 to decide.

GBG employs 1,200 people. In 2021, it posted revenue of £217 million ($250 million) and an operating profit of £58.8 million ($67.7 million).

GBG executives responded to acquisition reports and GTCR’s statement with a generic statement outlining the uncertainty involved. Its shares, traded on London’s AIM market, rallied dramatically from £435 at the close of trading Sept. 1 to £645.50 at Thursday’s close. A year ago, GBG traded closer to £950.

The British pound has declined in value against the U.S. dollar by more than 15 percent over the past year, making the UK an attractive hunting ground for buy-minded U.S. companies.

GBG has already staked a position in the U.S. digital identity market, launching Global Products and the Americas division earlier this year.

Tech Monitor notes the acquisition of Avast and its newfound self-sovereign identity portfolio by U.S.-based NortonLifeLock, an $8.1 billion deal approved this month.

GBG talks follow its high-profile 2021 acquisition in digital identity — Los Angeles-based Acuant. Executives have said that and other moves have helped boost their recent financial results.

GBG bullish after Acuant integration

June 20, 2022 – The strategic progress behind GBG’s record financial results of 11 percent growth to revenue of £242.5 million (approximately US$297.1 million), which includes the integration of biometric identity verification provider Acuant, represents a major victory and positions it for future growth, the company says. The preliminary results announced for full-year 2022 were released along with a commitment to reach carbon neutrality by the end of 2023.

The acquisitions of Acuant and Cloudcheck helped boost GBG’s overall headcount by 250. The selfie biometrics provider was picked up GBG in a $736 million deal in late-2021, and GBG notes the stronger competitive differentiation and U.S. presence it gained with Acuant.

Adjusted operating profit was up slightly for the year, adjusted diluted earnings per share down by just under 10 percent, and final dividend per share up by 12.1 percent.

“Our excellent customer advocacy and record team engagement scores highlight each team member’s huge contribution towards achieving our success and delivering on the considerable potential in our markets,” comments GBG CEO Chris Clark. “The acquisition of Acuant marks a powerful and complementary addition to GBG, accelerating our strategic progress and strengthening our leadership position in the identity verification and fraud markets.”

GBG reaches $19M deal for Cloudcheck

Feb 1, 2022 –  GBG has acquired New Zealand-based biometrics provider Cloudcheck in a £14 million (US$18.9 million) deal to strengthen its position in the Australasia region. Read more here.

Acuant-GBG deal completed

Dec 8, 2021 – It has been a more straight-forward affair for the sale of Acuant by Audax Private Equity (though, obviously, a deal that is magnitudes smaller in all respects).

Acuant sells selfie biometrics, ID verification and know your customer-compliance software and services.

The buyer, GBG, a digital-ID and identity-fraud software maker in London, valued the cash- and debt-free deal at $736 million. Executives said that, after joined, the resulting company will have revenue of £265 million, or US$351 million.

More financial and industry news about GBG here.

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