SmartSearch has completed the acquisition of Credas Technologies with the Ilkley-based digital compliance specialist claiming combined business will deliver enhanced flexibility and innovation.
The deal should go some way to help regulated firms across sectors such as property, financial services, legal, accountancy and insurance to manage risk and meet evolving KYC and AML requirements.
SmartSearch currently supports over 7,500 UK customers, providing automated Sanctions, PEP, UBO, and adverse media screening.
The combined business will serve more than 8,500 regulated firms and continue SmartSearch’s Growth trajectory.
STREAMLINING EFFICIENCY
Phil Cotter, CEO, SmartSearch (main picture, inset), says: “This acquisition enables us to streamline onboarding and monitoring for regulated firms, combining complementary technologies to deliver greater efficiency and accelerate product development.”
And Tim Barnett, CEO, Credas, adds: “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.”
DIGITAL COMPLIANCE
The acquisition shines a light on the backing of SmartSearch’s investors, Triple Private Equity, and confirms the successful execution of the company’s growth strategy.
Ben Shepherd, Head of Value Creation & Founding Partner at Triple, says: “The acquisition of Credas reflects SmartSearch’s continued upward trajectory in the market for digital compliance solutions.
“We have no doubt that SmartSearch, with the addition of Credas, will continue to trailblaze in this fast-moving market.”
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.
