Thursday, November 3, 2011 : GAMBLING IDENTITY CHECKER GB TO ACQUIRE RIVAL
GBP 11.2 million agreement signed with Capscan Parent
The UK-based identity checking software company GB Group has made its third acquisition in under four months with a GBP 11.2 million swoop for London-based rival, Capscan Parent, and says it is eyeing further expansion, reports the Manchester Evening News.
Capscan supplies customer registration and address management software. The company is a leading supplier in a sector worth an estimated GBP 75 million a year in the UK, and has a growing international presence, a spokesman for GB told the newspaper. With a staff of 54 and around 1 800 corporate customers, the firm posted revenues of GBP 6.8 million last year, with pre-tax profits of GBP 1.2 million.
To help fund the takeover, GB Group announced a placing of 20 million new shares with fresh institutional investors, raising about GBP 8 million to help fund the acquisition.
GB Group also posted half-year results which saw revenues grow 7 percent to GBP 12.4 million in the six months to September 30, and pre-tax profits increase from GBP 577,000 to GBP 835,000.