Ilkley-based compliance technology firm SmartSearch has completed its acquisition of Credas Technologies, strengthening its position in the UK market for digital identity and financial crime prevention.
The deal, announced last October, finally brings together two established providers of compliance and onboarding technology, with the combined business aiming to offer regulated firms greater flexibility in meeting Know Your Customer and anti-money laundering requirements.
SmartSearch said the acquisition would enhance its ability to support clients across sectors including financial services, legal, accountancy, property and insurance, as regulatory expectations continue to evolve.
By combining Credas’ digital identity verification technology with SmartSearch’s existing screening and monitoring capabilities, the enlarged group said it would be able to streamline onboarding processes while accelerating product development.
STREAMLINING EFFICIENCY
Phil Cotter (main picture, inset), chief executive of SmartSearch, said: “This acquisition enables us to streamline onboarding and monitoring for regulated firms, combining complementary technologies to deliver greater efficiency and accelerate product development.”
SmartSearch currently works with more than 7,500 UK customers, providing automated sanctions, politically exposed person, ultimate beneficial owner and adverse media screening. Following the acquisition, the group will serve more than 8,500 regulated firms.
MORE CRITICAL THAN EVER
Tim Barnett, chief executive of Credas, said the transaction came at a time of heightened focus on financial crime and identity verification.
“With financial crime on the rise, digital identity verification is more critical than ever. Joining SmartSearch allows us to help more businesses protect themselves and maintain compliance.”
Property Soup revealed in November how Credas had joined the Open Property Data Association (OPDA) as part of a push to make homebuying faster, safer and more transparent through the use of digital data.
