GB Group Buys Identity Verification Firm Cloudcheck in New Zealand

Auckland-based Cloudcheck is expected to generate approximately NZ$5 million (£2.5 million) revenue and NZ$2 million (£1 million) EBITDA respectively.

GB Group (GBG) has snapped up Cloudcheck, a provider of electronic identity verification and anti-money laundering solutions in New Zealand.

The Chester-based firm will pay NZ$20 million (£10 million), but contingent upon Cloudcheck’s revenue growth, two payments of up to NZ$4 million (£2 million) each in cash may become payable later.

Chris Clark, CEO of GB Group, comments: “The Cloudcheck platform will be able to consume GBG’s international data and create an opportunity for our New Zealand customers to benefit from the breadth of other identity and anti-fraud services we can provide.”

GBG reckons good things are on the way and also talks about “upsell opportunities” for its identity data and compliance & fraud solutions.

Founded in 2012, Cloudcheck – officially known as Verifi Identity Services Limited – provides a Software as a Service revenue model based on an annual subscription fee plus volume-based usage fee.

Cloudcheck lets users identify their customers using biometric checks, bank account details, machine readable zone (MRZ) checks, Australian and New Zealand government data sources, and global watchlists.

According to Cloudcheck’s site, web portal, email, SMS, API, SDK and third party integration options are available.

In the year to 31 March 2022, Cloudcheck is expected to generate approximately NZ$5 million (£2.5 million) revenue and NZ$2 million (£1 million) EBITDA respectively.

There are no details about any job cuts or changes as part of the deal. Cloudcheck is based in Auckland and has six employees listed on LinkedIn.

GBG seems to be making good progress around the world.

As eWeek UK reported in November, it revealed its plans to acquire Acuant, a US-based identity verification and KYC/AML compliance provider, for $736 million (£548.3 million).

Acuant is headquartered in Los Angeles with offices in New Hampshire, Brussels and Israel.

GBG said the acquisition creates a combined revenue of about £265 million. GBG was also looking to build upon its existing presence in APAC and EMEA.

Antony Peyton
Antony Peyton
Antony Peyton is the Editor of eWeek UK. He has 18 years' journalism and writing experience. His career has taken him to China, Japan and the UK - covering tech, fintech and business. Follow on Twitter @TonyFintech.

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