Member Article

Chester-based GBGroup acquire US company for $15.4m

Chester-based GBGroup, the identity data intelligence company, has acquired the remaining 74.5% of the shares of Loqate Inc., a San Francisco-based provider location-based software and data for $15.4 m

This latest acquisition means GBGroup now owns 100% of Loqate.

The consideration will consist of cash of $13.4 million, with a further maximum of $2.0 million payable contingent on a revenue growth target for a 12 month period.

CEO of GBGroup, Richard Law, said: “I’m extremely pleased with our acquisition of the balance of shares in Loqate and the Group’s strategic progress.

“GBG was an early investor in Loqate and we’ve seen this business grow strongly, building impressive and strategic relationships with partners such as IBM, Oracle and Pitney Bowes and Software AG.

“GBG’s international activities now contribute a significant proportion of our revenue and were a principle contributor to our better than expected profits for the year to 31 March 2015, as announced last week.

“Loqate is a good strategic fit for GBG and it gives the Group an established office and first-class team on the West Coast of the USA.”

This was posted in Bdaily's Members' News section by Sophia Taha .