SmartSearch has acquired identity verification specialist, Credas as it seeks to accelerate its growth in the UK.
The company, headquartered in Ilkley, West Yorkshire said the move would enhance its position as “one of the country’s foremost Know Your Customer (KYC) and Anti-Money Laundering (AML) digital compliance platforms.”
“Regulated firms are under pressure to meet rising KYC and AML demands while delivering seamless onboarding,” explained Phil Cotter, CEO, SmartSearch.
“By joining forces with Credas, we combine our strengths to deliver unmatched innovation and service. Our clients will see immediate benefits as we continue to set the standard for digital compliance.”
Cardiff-based Credas works with more than 1000 legal and property companies.
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“With financial crime on the rise and fraud tactics evolving, digital identity verification is more critical than ever. Partnering with SmartSearch empowers us to help even more businesses protect themselves and focus on delivering quality service,” added Tim Barnett, CEO, Credas.
The acquisition comes following a “significant” private equity investment from Triple Private Equity last year.
“The acquisition of Credas reflects SmartSearch’s continued upward trajectory in the market for digital compliance solutions,” stated Ben Shepherd, Head of Value Creation & Founding Partner of Triple Private Equity and Chairman of SmartSearch.
“In 2024, Triple was impressed by the organisation’s consistent growth and customer-centric approach, together with its high-quality technology platform. Today’s news confirms that our confidence was well founded; we have no doubt that SmartSearch, with the addition of Credas will continue to trailblaze in this fast-moving market.”
The acquisition is subject to regulatory approval.
