It was a fast turnaround for FinovateEurope 2016 Best of Show winner IDScan Biometrics, a document authentication and facial recognition company. The London-based company today announced it is being acquired by identity intelligence company GB Group.
The companies anticipate the deal will close for $50 million (£37 million), with another $10.7 million (£8 million) contingent on reaching revenue and EBITDA targets 18 months after close. The deal is expected to add to GBG Group’s earnings per share in the first 12 months after the acquisition.
CEO Tamlyn Thompson and Dr. Zaher Zaidan, CFO, demoed IDScan Biometrics’ facial recognition algorithm.
IDScan offers a digital onboarding suite that reduces manual data entry and offers KYC and facial recognition tools for automation, speed, and efficiency. The company’s document-scan offering uses artificial intelligence and a digital library containing thousands of documents. At FinovateEurope 2016, the company demonstrated how its facial recognition algorithm tests a user’s face against the image on their ID.
IDScan brings more than 1,000 global clients to the table, including American Express, Barclays, and Gatwick Airport. GBG CEO Richard Law said, “GBG has followed IDscan Biometrics over the years and we have seen this business grow strongly, winning significant enterprise customers.”