Global integrated risk assessment firm Moody’s Corporation is acquiring two European providers of onboarding and Know Your Customer (KYC) technology solutions.
Moody’s has completed the acquisition of PassFort Limited and has signed an agreement to acquire 360kompany AG (kompany), according to a statement by the company.
PassFort’s acquisition was funded with cash, while the acquisition of kompany will be funded with a mix of cash and shares of Moody’s common stock.
kompany’s acquisition is expected to close in Q1 next year subject to conditions. Neither acquisitions are expected to impact the company’s 2021 financial results.
Both companies will be integrated into the KYC business within Moody’s Analytics.
The acquisitions will boost solutions for KYC, anti-money laundering, compliance, and counterparty risk at Moody’s.
They will support the Orbis company database, as well as the GRID database of risk profiles, adverse news, politically exposed persons, and sanctions.
UK-based SaaS workflow platform PassFort provides identity verification, customer onboarding, and risk analysis software solutions.
Meanwhile, kompany is an Austria-based platform for audit-proof business verification and KYC.
“Our customers rely on our data and analytical tools to make decisions about who they do business with.
PassFort and kompany are innovators in the compliance and regulatory space, and their technologies will upgrade and accelerate our customers’ onboarding and monitoring processes,”
said Keith Berry, General Manager of Moody’s KYC business unit.
This article first appeared on Fintech News Switzerland.
Featured image: Edited from Pexels