GeoComply acquires fellow Vancouver-based company, OneComply

GeoComply, the local unicorn that develops geolocation compliance, fraud prevention, and cybersecurity solutions, has made its first acquisition. It closed a deal for OneComply, a provider that assists companies in managing their personal and corporate licensing obligations when operating in regulated markets.

The names are not the only similarity between the pair. The mailing addresses are too, as OneComply are fellow Vancouverites. Coming from the same parish, OneComply’s co-founder and CEO Cameron Conn said he looked up to his new acquisitors.

"As fellow Vancouver-based entrepreneurs, GeoComply has always been an inspiration,” Conn shared. “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."

With the addition of OneComply’s tech, GeoComply will beef up its toolkit. The company said it is now poised to offer customers in gaming, fintech, and other regulated industries a more streamlined, secure, and easy-to-administer set of tools for the entire licensing process, from initial license applications to ongoing compliance management.

“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,” GeoComply's CEO, chairman, and co-founder Anna Sainsbury said. “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. 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.”

The deal comes at a unique time in the field. Anyone who has watched the NHL playoffs — and has thus been bombarded by advertisements to bet on the game — knows that the internet gambling world is rapidly opening as jurisdictions rethink their positions on online sports betting. With it, of course, will come some growing pains. Today’s acquisition sees the pair of Vancouver-based solution providers poised to ease those concerns.

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