GeoComply has decided to stick close to home with its latest acquisition, the Vancouver-based OneComply.
Sharing a base in the British Columbia area, as well as a similar name, OneComply will now operate under the guidance of the geolocation and fraud prevention firm as it seeks to add a more robust compliance offering.
The deal arrives less than a month after OneComply announced it was pursuing land-based casinos as the next market for its compliance management and licensing solution, having already deployed its software in several casino properties across Nevada, California and Washington State.
“As fellow Vancouver-based entrepreneurs, GeoComply has always been an inspiration,” said OneComply Co-Founder and CEO Cameron Conn, who recently spoke about how technology can help companies keep on top of compliance.
“Our Co-Founder Aaron [Gould] and I are super excited about continuing our journey as part of the broader GeoComply team. I am sure that together we will amplify and enhance our world-class compliance and licensing solutions for regulated industries around the globe.”
Meanwhile, GeoComply hopes the OneComply platform can help organizations to ‘eliminate complexity and automate licensing compliance’, saving them valuable time and resources.
Anna Sainsbury, GeoComply Co-Founder and CEO, added: “From our first interactions with OneComply, we have been excited about the opportunity to welcome them into the GeoComply family, and it gives me great pleasure to have completed that process.
“Licensing organizations and key individuals is necessary but can be a painful process for any entity working in regulated industries such as gaming or fintech. As an existing OneComply customer, we know just how much OneComply eases that pain, not just for us but also for the regulators administering the process.”
Sainsbury continued: “Adding their licensing platform and expertise to our portfolio of solutions will materially and cost-effectively help our existing and new customers in the gaming and other regulated industries achieve and maintain a new gold standard in compliance and risk services.
“Together, we will have unparalleled capabilities to support the mission-critical compliance needs of the gaming industry, including AML, KYC, licensing, geolocation, sanctions compliance, and fraud prevention technology.”
The terms of the transaction were not disclosed, but it marks the first major acquisition for GeoComply, which received private equity funding earlier this year to expand the scope of the business. That funding was earmarked for media rights and cryptocurrency compliance, but could also go to support core markets, as this OneComply acquisition will do.