Update: IDscan acquisition - adding biometric capabilities
GB Group’s (GBG) proposed acquisition of IDscan positions it as the only proprietary provider of both document and biometric identity data intelligence capabilities, and is in line with its strategy to acquire technology that can be rolled out globally. The acquisition should be earnings accretive within the first year and we are therefore upgrading our forecasts. The post-deal P/E of 25.0x FY18e is the lowest one-year forward P/E seen in a year, offering a good entry point into the shares.GB Group is engaged in the provision of identity data intelligence services. Co. has two operating segments: Identity Proofing, which provides electronic ID Verification services for combating ID fraud, money laundering and under-age gambling, ID Employ & Comply services for employee authentication and screening, and ID Fraud & Risk Management services; as well as Identity Solutions, which provides ID Registration, ID Engage and ID Trace & Investigate software and services that provide consumer information and facilitate understanding, targeting and retention of profitable consumers. Between them, the segments have six complementary lines of business including ID Verification and ID Engage.
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