SmartSearch has completed the acquisition of Credas Technologies for an undisclosed amount.

The partnership, which was initially agreed in October, is also set to help regulated firms across sectors such as financial services, legal, accountancy, property and insurance to manage risk and evolving know your customer and anti-money laundering requirements.

The firms said that through the combination of Credas’ technology and SmartSearch’s platform, the combined business will serve more than 8,500 regulated firms.

SmartSearch, a digital compliance service provider, currently supports over 7,500 UK customers, providing automated sanctions, politically exposed person, ultimate beneficial owner and adverse media screening.

It stated that the acquisition underscores the backing of its investors, Triple Private Equity, and confirms the successful execution of the company’s growth strategy.

Chief executive officer at Credas, Tim Barnett, said: "With financial crime on the rise, digital identity verification is more critical than ever. Joining SmartSearch allows us to help more businesses protect themselves and maintain compliance."

Head of value creation and founding partner at Triple, Ben Shepherd, added: "The acquisition of Credas reflects SmartSearch’s continued upward trajectory in the market for digital compliance solutions. We have no doubt that SmartSearch, with the addition of Credas, will continue to trailblaze in this fast-moving market."

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