Equiniti Group plc, a leading provider of technology led solutions to clients with complex and regulated administration needs, recently announced that it has completed the acquisition of KYCnet BV (KYCnet). KYCnet is an experienced Know-Your-Customer (KYC) technology and services provider which helps organisations verify and on-board their customers.
The acquisition is a further example of Equiniti’s growth strategy of integrating scalable technology platforms to provide regulation driven non-discretionary services to some of the leading businesses in the UK. Equiniti will benefit from the broad applicability of KYC technology to all anti-money laundering applications, creating cross selling opportunities to existing clients in sectors such as travel, retail, utilities and financial services.
KYCnet’s flagship product is KYC Passport, an enterprise workflow management platform for retail and B2B customer on-boarding and due-diligence. KYCnet was the first company to adopt a ‘KYC as a service’ model, and has eight years of operating exclusively in the KYC sector, deep domain knowledge and experience of working with leading financial institutions and banks across Europe.
Tighter regulatory requirements, particularly in financial services, has caused companies to review and rapidly amend their KYC processes and capabilities. In doing so, many are finding that their new processes have created barriers to servicing and growing their customer base, and have discovered that their existing customer data often fails to meet regulatory standards. This acquisition ideally positions Equiniti to assist financial services clients that have a KYC need in addressing these challenges.
Guy Wakeley, Chief Executive of Equiniti, said: “We are delighted to be acquiring KYCnet – an innovative FinTech business which will help our customers reduce regulatory risk and improve their operational efficiency. Existing clients have already enquired about our KYC capabilities and KYCnet presents excellent cross-selling opportunities. This is a good example of the progress we continue to make in enhancing the range of services we offer clients and driving growth through high quality acquisitions.”
Patrick Ryan, CEO, KYCnet added: “Joining the Equiniti Group will bring significant benefits to existing and new clients, greatly supporting our growth momentum and potential. Equiniti’s reputation, size, experienced team and global sourcing capability will allow us to scale up to meet our clients ever growing demands. Furthermore, Equiniti, like KYCnet, firmly believes in intelligent and technology driven solutions – a great fit. Over the next few months you will see the KYCnet rebrand introduced via a new website, marketing materials and signage. This is an exciting time for KYCnet.”
