UK regtech platform Contego has acquired compliance software maker Working Status.
The financial terms of the deal are undisclosed but Contego expects Working Status to contribute 33% of its revenue next year.
Contego offers a risk-scoring platform to financial services, property and FinTech firms designed to automate Anti-Money Laundering and Know Your Customer checks.
Working Status provides a Right-to-Work and employee onboarding solution supported by an immigration consultancy.
This includes automated ID document screening, mobile document capture and validation checks in line with immigration regulations.
The companies say they will now work together to introduced further automation and efficiency to employee and customer onboarding and monitoring.
Contego CEO Adrian Black said, “This acquisition increases the range of clients that we can help in an increasingly regulated world and broadens the expertise and capabilities of Contego.
“We are committed to continuing to develop and strengthen our position as a leading regtech platform providing a comprehensive and holistic view of both people and companies, enabling our customers to make informed data-driven decisions about how and with whom they do business.
“Working Status is a great fit for us both commercially and culturally and may well be followed by further acquisitions which fit within our vision for both sector and international growth.”
Black will remain at the head of the combined entity with Working Status’ co-founder and CTO James Meyer leading future document and biometrics services across the firm.
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