Geolocation and risk solutions provider GeoComply has announced its first acquisition, compliance and licensing management company OneComply. The deal is set to benefit both companies and their customers in the gaming and other regulated industries.
Streamlining the Licensing Process
GeoComply’s customers will now have access to OneComply’s tools, allowing them to complete the entire licensing process from start to finish. This includes initial applications for licences and ongoing compliance management. OneComply offers a centralised and automated licensing compliance service, making the licensing process much simpler for those operating in regulated markets.
Anna Sainsbury, co-founder and CEO of GeoComply, expressed her satisfaction with the acquisition, stating, “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.” Sainsbury also highlighted the pain points that OneComply’s services address in the licensing process for gaming and fintech companies.
Unparalleled Compliance Capabilities
Combining OneComply’s licensing platform and expertise with GeoComply’s portfolio of solutions will significantly help existing and new customers in gaming and other regulated industries achieve and maintain a high standard of compliance. Sainsbury said, “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.“
Cameron Conn, CEO and co-founder of OneComply, is enthusiastic about the acquisition and the opportunity to offer OneComply’s services to more regulated industries abroad. He 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.“
Implications for the iGaming Industry
The acquisition of OneComply by GeoComply has three major implications for the iGaming industry:
- Simplified licensing process: The integration of OneComply’s services into GeoComply’s offerings will streamline the licensing process, making it more efficient and cost-effective for operators in the iGaming sector.
- Improved compliance standards: The combined expertise and technology of both companies will help iGaming operators achieve and maintain a high standard of compliance, including AML, KYC, geolocation, sanctions compliance, and fraud prevention.
- Global expansion: The acquisition opens up opportunities for OneComply to offer its compliance and licensing solutions to regulated industries around the world, further supporting the growth and development of the iGaming industry on a global scale.