Red 24 buys RISQ Worldwide

Red24 said on Monday that it has agreed to buy RISQ Worldwide Pte Ltd for an initial consideration of £267,000 and up to a further £485,000, depending on the financial performance of RISQ during the years ended 30 June 2016 and 30 June 2017.RISQ has been established for eight years, with offices in Singapore and Hong Kong. It specialises in corporate investigations, business intelligence, employment background screening and bribery act compliance, as well as risk solutions for high net worth individuals.The chief executive of RISQ, Michael Haughey, will head up the Red24 business in Asia and the global corporate investigations practice, the crisis assistance company said.RISQ had revenues of £679,000 in the year to 30 June 2014, a net liability of £279,000 and an operating loss of £170,134. The current financial year to date has seen an improvement in trading with an increase in revenue and a return to profitability.Red24 said the acquisition is expected to complete on 1 July 2015.The company's chairman, Simon Richards, said: "I am delighted to announce the acquisition of RISQ which we believe will augment the company both strategically and financially, thereby enhancing shareholder value. RISQ has established an extremely compelling value proposition comprising strong long-term relationships with its extensive experience in Asia."Shares in Red24 were up 1.2% at 19.10p at 1215 BST.