Vancouver-based GeoComply Solutions — which provides geolocation security, fraud prevention, and compliance services for much of North America’s iGaming market, has acquired OneComply, a firm that offers a compliance and licensing management platform to operators and is also from Vancouver.
Financial terms of the deal, the first-ever acquisition by GeoComply, were not disclosed. GeoComply co-founder and CEO Anna Sainsbury said the purchase had been completed.
According to a Canadian federal registry of corporations, privately-held OneComply was incorporated as Compliance Regulatory Solutions in September 2019. It changed its name to OneComply in March 2020.
Platform Includes Secure Data Repository
In a statement Monday, GeoComply said its acquisition of OneComply was driven by a need for operators, suppliers, and other licensed entities within the iGaming industry with “a centralized licensing solution to help them streamline their compliance processes and reduce the risk of non-compliance.”
“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,” Sainsbury said. “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.”
Specifically, GeoComply said it intends to incorporate the compliance and licensing management platform developed by OneComply into products offered to its iGaming customers. The OneComply platform is tailor-made for the iGaming industry and includes license application automation, a secure data repository, visual dashboards, and workflow management tools and among its features.
“Adding [OneComply’s] 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,” Sainsbury said.
“Together, we will have unparalleled capabilities to support the mission-critical compliance needs of the gaming industry, including AML [anti-money laundering], KYC [Know Your Customer], licensing, geolocation, sanctions compliance, and fraud prevention technology.”
OneComply co-founders Cameron Conn and Aaron Gould said they were “super excited” to join forces with GeoComply. Conn, who serves as CEO, said he was confident that the combined company “will amplify and enhance our world-class compliance and licensing solutions for regulated industries around the globe.”
Recent Number Crunches by GeoComply
Last month, GeoComply reported that the growing popularity and success of Ontario’s regulated market for online poker, casino gaming, and sports betting has, unfortunately, attracted the attention of fraudsters bent on cheating the system.
At the one-year anniversary of the launch of the Ontario market, GeoComply issued a report showing there have been more than 3.3 million location spoofing attempts to gain access to legal online gaming sites in the province.
The last consequential news for GeoComply in the US came in March, when Massachusetts launched online sports betting. At the time, GeoComply reported that it had recorded 8.1 million geolocation checks — from 406,437 individual player accounts — during the market’s opening weekend.