GeoComply and OneComply have more than just a name in common. Both are Vancouver-based companies, both rose to prominence with the repeal of PASPA, and now, both are under the same umbrella.
GeoComply announced on Monday that it is acquiring OneComply, which made a name as a tool for gaming companies to organize and monitor their licenses across a number of different jurisdictions. Given what GeoComply offers, the new company augments the geolocation and risk management product with a more robust compliance offering.
“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,” said GeoComply founder and CEO Anna Sainsbury. “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.”
Just last week, OneComply CEO Cameron Conn spoke with SBC Americas about how technology can help companies keep on top of compliance.
“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,” Conn said of the acquisition.
The terms of the sale were not disclosed. This is the first major acquisition for the company, which did receive private equity funding earlier this year to expand the scope of the business. That funding was earmarked for media rights and cryptocurrency compliance but could also go to support core markets, as this OneComply acquisition will do.
