A provider of digital compliance and anti-money laundering (AML) software, announced last week that it has signed an agreement to receive a significant equity investment from Triple Private Equity.
With its investment, Triple will now take a majority share in SmartSearch and will work alongside the existing management to deliver on the company’s next stage of growth, with SmartSearch founders and existing shareholders also retaining a minority in the company.
Founded in 2011, SmartSearch has grown rapidly from start-up to scale-up with it’s platform and technology enabling firms to navigate ever-increasing regulatory demands. These include AML compliance, customer due diligence, Know Your Customer (KYC) and Know Your Business (KYB) procedures.
Martin Cheek, co-founder and managing director of SmartSearch, said:
“Having founded the business with John Dobson, I am incredibly proud of what we have built at SmartSearch, the world class technology we have developed and the talented team we have created. In a little more than a decade, SmartSearch has grown from a Regtech start-up, to a trailblazing technology company that is driving the digital compliance revolution. This major investment from Triple is a true testament to the hard work of our nearly 200-strong team who, alongside Triple, will be instrumental in this next stage of growth.”
To support both its core markets and continued expansion among enterprise clients, SmartSearch launched its next-generation platform last year. This continued investment in innovation has delivered 20% annual growth between 2020 and 2023.
The investment from Triple Private Equity, will enable the platform to build on the foundation of ‘innovation and solid business leadership’.
Guy Harrison, CEO of SmartSearch, said:
“Triple are an excellent match for SmartSearch in its ambitious next phase of growth. The business is especially looking forward to calling on their deep expertise in scaling mission critical, B2B risk and compliance software.”
Ben Shepherd, head of value creation and founding partner at Triple, added:
“We are excited to partner with SmartSearch, its exceptional team and clients to continue their strong growth and quality products and services. Leveraging Triple’s expertise and network, we are confident in our ability to support SmartSearch’s growth opportunity as the leading UK compliance platform.”
