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GeoComply has completed the acquisition of OneComply, a compliance and licensing management company. With the new purchase, GeoComply’s customers will get special access to OneComply’s special tools to fasten the licensing process from the initial stages to the end. However, the two companies have not disclosed the terms and conditions for the acquisition.
Anna Sainsbury, GeoComply Co-Founder and CEO, said: “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 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.”
OneComply stands out with its centralized and automated licensing compliance service, which simplifies the process for those in regulated markets. The platform is designed to enable operators and suppliers to follow data, licensing, and workflow under one roof.
Sainsbury added that the acquisition will benefit operators in regulated markets by offering a high standard of compliance.
“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,” said Sainsbury.
Cameron Conn, CEO and co-founder of OneComply said:
“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.”
Last autumn, GeoComply filed a lawsuit attempting to sue Xpoint for alleged patent infringement.
On the dismissal of the claim, Marvin Sanderson, CEO of Xpoint, said: “As a company, we remained confident that we would prevail in this matter as GeoComply’s allegations were false, meritless, and a thinly veiled attempt to improperly maintain its monopoly on the gaming geolocation marketplace.”