By ALISHA HOULIHAN for AMLi
KYCKR, the corporate KYC company, has been acquired by the WiseTech Global founder Richard White.
White, the Australian tech tycoon made the purchase through his personal investment vehicle RealWise KYK AV Pty Ltd, it was announced today (Thursday). The purchase price was €28M, according to the Sunday Business Post newspaper.
Kyckr provides businesses with real-time data on prospective and existing customers and suppliers.
White founded and now owns more than 40pc of WishTech Global – one of the most valuable tech companies on the Australian Securities Exchange – with a market capitalisation of some $11BN.
“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,” White told AML Intelligence today.
He said he sees synergies with the way 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 and reduces compliance risk.
“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,” he said.
Kyckr’s ceo Ian Henderson said the company was delighted to have the strategic guidance, support and vision of a tech-entrepreneur like Richard White.
“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,” Henderson said.
Kyckr provides companies with real-time access to aggregated corporate Know Your Customer (KYC/KYB) and Ultimate Beneficial Owner (UBO) data from over 300 company registries and primary regulated sources around the world.
It says this enables them to undertake real-time due diligence on over 120 million companies globally.
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