As part of the acquisition, GeoComply‘s customers will be able to use OneComply’s set of tools to complete the entire licensing process from start to finish, from initial applications for licences to continuous compliance management.
OneComply offers a centralised and automated licensing compliance service, which simplifies the licensing process for those operating in regulated markets.
The terms of the acquisition were not disclosed.
Anna Sainsbury, co-founder and CEO of GeoComply, said that she was pleased to have completed the acquisition process, particularly as GeoComply is an existing OneComply customer.
“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,” said Sainsbury.
“Licensing organisations 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.”
Deal gives GeoComply “unparalleled” compliance capabilities
Sainsbury added that this will greatly benefit those operating in the gambling industry, by offering a high standard of compliance.
“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,” she continued.
“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.”
“GeoComply has always been an inspiration”
Cameron Conn, CEO and co-founder of OneComply, said that the acquisition held the opportunity to offer OneComply’s services to more regulated industries abroad.
“As fellow Vancouver-based entrepreneurs, GeoComply has always been an inspiration,” said Conn. “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.”