GeoComply has announced the acquisition of OneComply, a compliance and licensing management platform provider operating in regulated markets.
GeoComply co-founder and CEO Anna Sainsbury said via the company’s release:
“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.”
The companies haven’t disclosed terms of the deal.
Having a centralized licensing solution
With many new markets, the complex iGaming regulatory scene makes it essential for operators and suppliers to have a centralized licensing solution. It would help them streamline their compliance processes and reduce the risk of non-compliance.
According to GeoComply, the OneComply platform will help organizations eliminate complexity and automate licensing compliance, saving them valuable time and resources.
Adding OneComply’s advanced technology, GeoComply will offer its users a “streamlined, secure, and easy-to-administer set of tools” to navigate the licensing process. Newly added technology will help the users go through the licensing process, from initial license applications to ongoing compliance management.
Sainsbury commented further:
“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.”
Sainsbury also emphasized that the two companies will have “unparalleled capabilities” to support the mission-critical compliance needs of the gaming industry. That includes:
- Sanctions compliance
- Fraud prevention technology
GeoComply detects location fraud
GeoComply has provided fraud prevention and cybersecurity solutions that detect location fraud for the past 10 years. The company’s geolocation solutions are installed on more than 400 million devices and analyze over a billion monthly transactions.
Its products are based on the technologies developed for the complex US online gambling market. Among many, GeoComply’s customers also include BetMGM, DraftKings and FanDuel.
During Super Bowl LVII weekend, GeoComply reported it conducted a record 100 million geolocation checks. Moreover, GeoComply’s technology spotted and blocked more than 140,000 fraud attempts.
OneComply Co-Founder and CEO Cameron Conn said in a news release:
“As fellow Vancouver-based entrepreneurs, GeoComply has always been an inspiration. 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.”