GeoComply Acquires Compliance and Licensing Management Platform OneComply
Posted on: May 8, 2023, 01:55h.
Last updated on: May 8, 2023, 02:17h.
GeoComply, the market leader in geolocation and fraud prevention technology services in the US and Canadian iGaming industries, announced Monday its acquisition of OneComply. The acquired tech firm is also a Vancouver-based company, but focuses on providing businesses with a platform that streamlines compliance data.
OneComply assists businesses operating in highly regulated markets to centralize their compliance data into one online account. The company explains it enables companies to improve the efficiency, security, and oversight of their compliance and license management processes.
GeoComply is primarily engaged in iGaming where the tech firm helps online sportsbooks and internet casinos like BetMGM and DraftKings physically locate users before permitting them to gamble.
GeoComply says its acquisition of OneComply expands the company’s portfolio from gaming into fintech and additional industries. The purchase also strengthens GeoComply’s services for its iGaming partners.
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,” commented Anna Sainsbury, GeoComply’s co-founder and CEO. “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 anti-money laundering, know-your-customer, licensing, geolocation, sanctions compliance, and fraud prevention technology,” added Sainsbury.
Terms of the OneComply acquisition were not disclosed.
GeoComply Backstory
GeoComply was founded in 2011, long before the US Supreme Court in May 2018 repealed a federal ban on sports betting that essentially gave such legal authority back to the states. Sports betting today is legal in more than 30 states, with online sportsbooks operating in 24 states plus Washington, DC.
GeoComply’s flagship product is PinPoint, a geolocation technology that finds where a user is physically located when the person initiates a request to access a legal, online gaming website. PinPoint utilizes Wi-Fi, GPS, cellphone tower signals, and other data to detect the user’s location. The technology is capable of detecting the use of a virtual private network (VPN) and other technologies designed to mask the true location of a user.
Sainsbury, 40, co-founded GeoComply with her husband, David Briggs, 52. Sainsbury and Briggs both previously worked in the gaming industry, with Briggs leading the prominent British bookmaking giant Ladbrokes. Sainsbury worked for a gaming consultancy and crossed paths with Briggs at a gaming conference in Macau in 2005.
The couple married in 2010 and founded GeoComply the following year. The company today counts about 650 employees and has a market valuation of more than $1 billion.
OneComply History
OneComply was founded in 2019. The company’s business-to-business solutions include license application and management, license control, secure file sharing, and regulator engagement.
The OneComply website says its platform allows firms to create multiple license applications in the time it takes to complete just one by using a single source of data. Its license control services allow businesses to remain compliant by using a centralized system to keep tabs on the statuses of the group’s applications and licenses.
OneComply also allows clients to invite regulators to access the company’s centralized OneComply account to perform regular compliance checks.
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Source: casino.org
