Corporate KYC specialist, Kyckr, has been acquired by Australian tech-entrepreneur and WiseTech Global Limited Founder Richard White.
The deal takes place through his personal investment vehicle RealWise KYK AV, and underlines the importance and the growth of the KYC space.
Ian Henderson, CEO of Kyckr, said: “The Kyckr team is delighted to have the strategic guidance, support and vision that successful tech-entrepreneur and founder Richard White provides.
“We are embarking upon an exciting evolution of our powerful offering to broaden its scope by building an integrated global software solution to enable businesses to navigate the highly complex and dynamic compliance and counterparty risk management challenges that they face in an increasingly interconnected and digital marketplace.”
At the heart of Kyckr’s operation is enabling organisations to minimise their exposure to commercial risk, prevent financial crime such as money laundering and ensure regulatory compliance by gaining a deeper understanding of customers and suppliers.
Commenting on the acquisition White who founded and owns over 40% of WiseTech Global, one of the ‘most valuable’ tech companies on the Australian Securities Exchange, with a market capitalisation of over A$16 billion said: “Businesses today operate in an increasingly interconnected global marketplace, where compliance with laws and regulations related to anti-money laundering, sanctions and an ever-expanding list of financial crime typologies is becoming increasingly high-risk, complex, time-consuming and costly.
“I see in Kyckr the opportunity to replace manual processes and aggregate real-time data from disparate sources to provide a scalable, reliable, highly compliant and cost effective KYC/KYB/UBO tech platform solution in the same way that WiseTech’s CargoWise has replaced multiple single-point legacy systems in the complex and fragmented global logistics sector with integrated global technology that drives productivity, reduces compliance risk and facilitates planning, visualisation and control.”