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Geolocation security specialist GeoComply has made its first acquisition and purchased platform provider OneComply for an undisclosed sum.

Both companies are based in Vancouver, Canada.  

OneComply runs a compliance and licensing management platform that assists companies in regulated markets in managing their personal and corporate licensing obligations by automating compliance processes.

GeoComply, on the other hand, conducts approximately one billion geolocation checks per month and counts DraftKings, FanDuel and MGM as customers.

GeoComply co-founder and CEO Anna Sainsbury 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.

“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,” Sainsbury concluded.

Expansion strategy

OneComply co-founder and CEO Cameron Conn added: “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.”

GeoComply was founded in 2011. In January, the company took on new investment from Norwest Venture Partners and Arctos Sports Partners.

GeoComply announced at the time that the cash injection would not only be utilised to support the growth of the company in its core markets, such as betting and gaming, but also to enable its expansion into financial services and media rights management.

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