The Daily Telegraph
Another British tech firm set for US sale
ANOTHER British tech company is on course for a US takeover after a private equity swoop on identity verification company GB Group.
GB Group, which was valued at £1.6bn after news of the takeover emerged, said it had been approached with a possible cash offer from buyout fund GTCR.
The fund has yet to make a firm offer, but must do so by Oct 4.
Shares in GB Group jumped by more than a fifth yesterday to 637p, adding about £300m to the company’s overall valuation.
British tech stocks have been hit by a sell-off this year as rising interest rates and the cost of living crisis bring the era of cheap money to a close. Before the takeover interest was revealed, GB Group’s shares were down around 40pc this year.
A string of British players have left the London market and fallen into US ownership. FTSE-100 cyber security company Avast is being snapped up by rival Norton for $8bn (£7bn) in a takeover due to complete next week.
Darktrace, another cyber security company, is currently in talks with US fund Thoma Bravo over a possible takeover. Aveva, the FTSE-100 industrial software company, is considering a buyout by its biggest shareholder Schneider Electric.
Should Schneider complete a takeover of Aveva, it would leave the City’s blue chip index with just one pure “technology” company, the accounting software business Sage.