By PAUL O’DONOGHUE, Senior Correspondent
SMARTSEARCH has competed its acquisition of Credas Technologies, an ID verification provider, as it continues to expand its compliance offering.
SmartSearch said that the new combined business will deliver “enhanced flexibility and innovation”.
It added that it will help regulated firms across sectors such as financial services, legal, accountancy, property, and insurance. Its services are aimed at managing risk and meeting evolving KYC and AML requirements.
“By uniting Credas’ cutting-edge technology and trusted brand with SmartSearch’s proven reputation and best-in-class platform, the combined business will offer enhanced flexibility, capability, and innovation,” the company said in a statement.
Phil Cotter, CEO, SmartSearch, said the deal will enable the business to streamline onboarding and monitoring for regulated firms.
“[This will] combine complementary technologies to deliver greater efficiency and accelerate product development,” he said.
Tim Barnett, CEO, Credas, said: “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.”
The deal marks a key step in SmartSearch’s expansion in the UK’s growing digital compliance market.
UK-based SmartSearch first announced the move in October. It did not disclose the deal’s value. Credas employs 40 staff, while SmartSearch has 200 workers.
SmartSearch currently supports over 7,500 UK customers. It provides automated sanctions, PEP (politically exposed persons), and adverse media screening. The combined business will serve more than 8,500 regulated firms.
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