“The deal follows relatively soon after IDscan Biometrics won a Best of Show award at the FinovateEurope 2016 conference this past February, in recognition of its biometric onboarding technology.”
UK-based digital identity specialist GBG has announced that it’s buying IDscan Biometrics. The initial deal is valued at £37 million, or roughly $50 million USD, with up to almost $11 million more potentially payable based on certain fiscal targets over the next 12 to 18 months.
It’s a lot of money, but given the rising interest in biometric technologies, it could be a prudent acquisition for GBG. IDscan Biometrics’ technology uses facial recognition to facilitate automatic subject enrollment based on a range of ID documents including driver licenses, passports, and even work permits. For GBG, the technology could offer a valuable and complementary addition to its anti-money laundering, Know Your Customer, and fraud detection solutions.
The deal follows relatively soon after IDscan Biometrics won a Best of Show award at the FinovateEurope 2016 conference this past February, in recognition of its biometric onboarding technology. Commenting in a statement, GBG CEO Richard Law said his firm “has followed IDscan Biometrics over the years and we have seen this business grow strongly, winning significant enterprise customers,” later adding that GBG’s leadership is “confident of continued success for GBG and IDscan Biometrics.”
June 29, 2016 – by Alex Perala