DecTech Solutions Pty Ltd (DecTech) is pleased to announce that GB Group plc (GBG) of the UK, the identity intelligence specialist, has agreed to acquire the entire issued share capital of DecTech Solutions Pty Ltd, of Melbourne, Australia the provider of fraud detection, risk management and customer on-boarding solutions for a total consideration of £20.5 million.
DecTech was established in 2001 and now serves customers in 42 countries across six locations in Australia, Asia and Europe where they support banks, financial services and insurance as well as emerging e Commerce clients. Over the years they have expanded into the Middle East, Africa and South America leveraging their international customer base.
The acquisition by GBG will enable DecTech to continue to expand whilst providing an opportunity to work with GBG's customers across Europe and North America.
In summary the acquisition of DecTech will:
• Allow GBG to access the fast expanding Asian market for online commerce powering decision making across banks, financial services, insurance and e Commerce through DecTech's leading and proven fraud detection & customer acquisition solutions combined with GBG's leading Identity and Location Verification solutions.
• Enable GBG to broaden service offerings to their 4000 plus clients across Europe and North America and jointly push into the Middle East, Eastern Europe, Africa and Latin America.
• Deliver a joint Identity & Fraud solution that enables DecTech and GBG customers to operate securely on a global scale.
Richard Law, GBGroup's CEO, commented,
"We believe the acquisition and integration of DecTech into the Group will considerably enhance our ability to serve our clients globally by extending our product suite with highly complementary technology that is in demand in both established and developing markets.
This acquisition extends our capability and geographic reach and enables us to further address the growing requirements for highly customisable electronic identity verification and fraud detection services across our combined customer bases.
GBG's products and services are increasingly being used to enable some of the world's leading e Commerce businesses to trade seamlessly and safely with their customers o customers online and this achis acquisition will help us to advance our strategy in this area".
John Lord, GBGroup's Managing Director, commented,
"We are augmenting and broadening our product suite with technology that is in demand in both established and developing markets, while extending our geographic reach. Synergies between our respective product suites and customer demands will enable us to further address their growing requirements.
DecTech has a leading solution which is mirrored by GBG's expertise and leadership in Identity Intelligence. Both have global capability and together will deliver the leading identity and fraud suite which is data agnostic and can be deployed with cross border or local expertise.''
Sean Hollingdale, Founder and CEO of DecTech, commented,
"The founders and leadership of DecTech believe that by joining GBGroup we will enhance our leading fraud detection and prevention solutions whilst further enabling our risk management and customer on-boarding capabilities. GBG is the leading Identity Intelligence solution provider, with global capability and an enviable customer base, their solutions are highly innovative and an important enabler for our clients' continued success.
Like DecTech, GBG is an innovative, customer centric and quality driven organisation. It was important that we continue to display these values to both our customers and team members and with GBG we believe these values are enshrined in their culture that will enable the enlarged business to grow to a global scale."