LONDON: GBG Group Plc 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.
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.”
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 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.
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.
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.
GBG offers a range of solutions that help organisations quickly validate and verify the identity and location of their customers.
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.