Identity company the GBGroup has bought the American software and data firm Loqate in a deal worth more than £10m.
Under the terms the Chester-based identity firm will take on the remaining 74.5% of shares that it did not already own for a cash value of £8.85m, leaving it with complete control of the San Franciscan location specialist.
This will be augmented by a £1.32m provision to be paid if the firm hits a revenue growth target for the year leading up to December 31 of 2015.
Richard Law, chief executive of GBGroup, said: "I’m extremely pleased with our acquisition of the balance of shares in Loqate and the Group’s strategic progress.
"GBG was an early investor in Loqate and we’ve seen this business grow strongly, building impressive and strategic relationships with partners such as IBM, Oracle and Pitney Bowes and Software AG."
He added that international trade accounted for a "significant portion" of the company’s revenue, with the acquisition of Loqate giving them an established office on the American West Coast.
Revenues at Loqate were $5.4m (£3.6m) for the last year, more than double that of 2013, whilst the gross profit of the firm stood at $4.7m (£3.1m).
