Source: Restoration Partners
Restoration Partners, the boutique technology merchant bank that transforms entrepreneurial technology in wealth, is pleased to announce that its client, Risk IDS, a UK-based IP company that develops software which helps banks and payment institutions manage electronic payment channel risk, has been acquired for an undisclosed sum by Vasco Data Security International ("Vasco").
Since launch in 2010, Risk IDS ("the Company"), a small but innovative UK Company, has built up an impressive client list in a short period, including such high street names as Betfred, GTBank and BetVictor, and currently processes around 3 million debit card transactions per day for West Africa's five largest banks. The Company's "Dynamic Challenge Platform" provides a secure and capable multi-threat security solution, encompassing fraud prevention, money laundering and regulatory compliance.
Restoration Partners used its proprietary valuation methodologies and in-depth knowledge of the technology sector to help secure a significantly higher multiple than the Company originally targeted. By working closely with the entrepreneur-founder of Risk IDS, Restoration Partners developed, implemented and managed the sales process ensuring that the vision for the Company was achieved, creating value for both Company and acquirer.
Ken Olisa, OBE, Chairman of Restoration Partners, commented:
"Risk IDS is another example of the quality of innovation and IP creation that exists in the UK tech sector, and its attraction to larger international corporates. Our role in this transaction was to ensure that Risk IDS received both a fair valuation and that, strategically, its new owner was a good fit for the Company and its growth plans. We are pleased that we have achieved both outcomes and wish the founder, Richard Churchman, every success."
Richard Churchman, founder, Risk IDS, added:
"This acquisition puts Risk IDS within a corporate environment that will ensure the development and international distribution of our software. I am delighted to be joining a NASDAQ listed company that has a management team who champion entrepreneurial values while continuing to grow a well-respected and effective business. Working with Restoration Partners, with their focus on connecting corporates seeking innovative entrepreneurial ideas with high growth early stage companies, has beeeen critical in achieving this positive outcome."