Acquisition of HooYu Investigate
|
Embargoed until 7.00 a.m. |
14 December 2020 |
GB GROUP PLC
("GBG", the "Group" or the "Company")
Acquisition of HooYu Investigate
GBG, the identity data intelligence specialist, is pleased to announce that it has acquired the Investigate 2020 Limited subsidiary ("HooYu Investigate") of HooYu Limited to further enhance its leading position in fraud investigation software solutions in the UK. HooYu Investigate automates fraud investigations and will broaden the services GBG provides. GBG's solutions are already widely used by customers for fraud investigation, law enforcement and asset reunification purposes and the new product, branded GBG Investigate, will enhance the way that organisations can make informed decisions to reduce fraud and risk, and prevent crime.
Acquisition Highlights
· Founded in 2017, HooYu Investigate brings innovation to the UK investigations market.
· HooYu Investigate has a customer base that extends GBG's market reach in the UK and further enables GBG's Connexus product to accelerate revenue growth.
· The acquisition of HooYu Investigate provides GBG with a scalable technology platform, in addition to a technology team that can support the growth of future capabilities.
· The new platform will be called GBG Investigate. GBG Investigate reflects our focus on helping our customers to fight financial crime and make more informed decisions to reduce risk.
· Investigate also strengthens GBG's anti-fraud portfolio in the UK.
· The technologists who created the HooYu Investigate service will join GBG as a result of this acquisition.
Chris Clark, CEO, commented: "By joining forces with HooYu Investigate, GBG will create a scalable platform for growth, providing customers with a critical service to fight ever more sophisticated financial crime and reduce organisational risk in the UK.
HooYu Investigate has built an exceptional product that will complement our existing business and I very much look forward to the potential offered by bringing the two development teams together ."
GBG Share Issuance
UK based HooYu Limited has placed HooYu Investigate assets into Investigate 2020 Limited. GBG has acquired the entire issued and to be issued share capital of Investigate 2020 Limited. HooYu Limited will be issued with 446,784 New Ordinary Shares of 2.5p each in the Company ("Ordinary Shares") based on a £4 million consideration.
Application has been made to the London Stock Exchange for the New Ordinary Shares to be admitted to trading on AIM. It is expected that admission to AIM will become effective and that dealings on AIM will commence on Tuesday, 15th December 2020.
Total Voting Rights
In accordance with the provisions of the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority, the Company confirms that, following the issue of the New Ordinary Shares , its issued share capital will be 195,923,529 Ordinary Shares.
There are no shares held in treasury.
The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company under the Disclosure and Transparency Rules.
- Ends -
Fo r further information, please contact:
|
GBG Chris Clark, CEO & Dave Wilson, CFO & COO
|
+44 (0) 1244 657333 |
|
Peel Hunt LLP (Nominated Adviser and Broker) Edward Knight, Paul Gillam & Nick Prowting
|
+44 (0) 20 7418 8900 +44 (0) 20 7418 8914
|
|
Tulchan Communications LLP James Macey White, Matt Low & Tom Blundell
|
+44 (0) 20 7353 4200 GBG@tulchangroup.com
|
|
Website |
www.gbgplc.com/investors |
|
|
|
About GBG
GBG offers a range of solutions that help organisations quickly validate and verify the identity and location of their customers.
Our market-leading technology, data and expertise help our customers improve digital access, deliver a seamless experience and establish trust, so that they can transact quickly, safely and securely with their customers online.
Headquartered in the UK and with over 1,000 team members across 16 countries, we work with 20,000 customers in over 70 countries. Some of the world's best-known businesses rely on GBG to provide digital services and keep the economy moving, from US e-commerce giants to Asia's biggest banks and European household brands.
To find out more about how we help our customers establish trust with their customers, visit www.gbgplc.com and follow us on LinkedIn and Twitter @gbgplc.
About HooYu Investigate
Founded in 2017, HooYu Investigate uses leading database and UX technologies to improve the productivity of an investigation process. The Investigate product complements GBG's existing Connexus portfolio, which already delivers strong margins to the Group. HooYu Investigate has an existing customer base generating circa £1.2m of annual revenue which will transfer to GBG, and operates in sectors including Law Enforcement, financial Services and Retail, complementing GBG's existing go to market focus.
Important notice
This announcement has been prepared in accordance with English law, the AIM Rules and the Disclosure Guidance and Transparency Rules and information disclosed may not be the same as that which would have been prepared in accordance with the laws of jurisdictions outside England.
Persons (including without limitation, nominees and trustees) who have a contractual right or other legal obligations to forward a copy of this Announcement should seek appropriate advice before taking any action.
This announcement does not constitute an invitation to underwrite, subscribe for, or otherwise acquire or dispose of any GB Group plc shares or other securities nor should it form the basis of or be relied on in connection with any contract or commitment whatsoever. It does not constitute a recommendation regarding any securities. Past performance, including the price at which the Company's securities have been bought or sold in the past, is no guide to future performance and persons needing advice should consult an independent financial adviser.
Cautionary Statements
This announcement includes statements that are, or may be deemed to be, "forward-looking statements". These forward-looking statements can be identified by the use of forward-looking terminology, including the terms "believes", "estimates", "envisages", "plans", "anticipates", "targets", "aims", "continues", "expects", "intends", "hopes", "may", "will", "would", "could" or "should" or, in each case, their negative or other variations or comparable terminology. These forward-looking statements include matters that are not facts. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances. A number of factors could cause actual results and developments to differ materially from those expressed or implied by the forward-looking statements, including, without limitation: a condition to the Placing not being satisfied, expected cost savings not being realised, changing demands of consumers, changing business or other market conditions, and general economic conditions. These and other factors could adversely affect the outcome and financial effects of the plans and events described in this announcement. Forward-looking statements contained in this announcement based on past trends or activities should not be taken as a representation that such trends or activities will continue in the future. Subject to any requirement under the AIM Rules, the Disclosure Guidance and Transparency Rules or other applicable legislation or regulation, GBG does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Investors should not place undue reliance on forward-looking statements, which speak only as of the date of this announcement.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
Latest directors dealings
- 1 day ago Savannah Energy
- 1 day ago Buccaneer Energy PLC
- 1 day ago Savannah Energy
- 1 day ago Carclo
- 1 day ago Schroder Japan Growth Fund