SmartSearch has acquired Credas Technologies Ltd, a provider of identity verification solutions for the legal and property sectors.
The move is currently subject to regulatory approval, and it aims to strengthen SmartSearch’s position in the UK market as a KYC and AML compliance platform. The company will integrate Credas’ brand and specialist technology, expanding its suite of products and market reach.
More about the acquisition
Credas currently supports over 1,000 legal and property clients, improving onboarding and customer experiences. The acquisition will enable SmartSearch to optimise its industry presence and serve over 7,500 clients, building on its statistic of 31% YoY growth since 2013. Additionally, the initiative comes as Triple Private Equity invested private equity in the company last year, supporting SmartSearch’s expansion strategy.
SmartSearch representatives mention that, as regulated firms are under pressure to meet rising AML and KYC demands, the alliance will allow them to see immediate improvements in digital compliance, leveraging Credas to benefit from optimised and upgraded services.
Credas believes that financial crime is on the rise and fraud tactics are constantly evolving, so digital identity verification is key now more than ever. Partnering with SmartSearch allows the company to extend its customer base and help more businesses protect themselves and focus on delivering better services and customer journeys. Additionally, the acquisition reflects SmartSearch ‘s goal to continue to grow in the market of digital compliance solutions.
The acquisition follows SmartSearch’s partnership with Daon, which enables its customers to leverage more efficient and secure onboarding. This will help them with regulatory requirements compliance, financial crime mitigation, and advancing their operations. The SmartDoc solution comes as part of SmartSearch’s suite of digital compliance services, allowing customers across financial services, legal, property, and accountancy to centralise their due diligence to conduct onboarding checks and ongoing, automatic monitoring.
