Anti-money laundering (AML) software provider SmartSearch has signed an agreement to receive a significant equity investment from Triple Private Equity.
The move will see Triple take a majority share in the business and work alongside the existing management to deliver on the company’s next stage of growth.
SmartSearch founders and existing shareholders are still retaining a minority in the company.
The SmartSearch platform enables firms to navigate regulatory demands including AML compliance, customer due diligence, Know Your Customer (KYC) and Know Your Business (KYB) procedures. It is trusted by more than 7,000 client firms and 60,000 users across a range of regulated markets including legal, accountancy, property and financial services.
CEO of SmartSearch, Guy Harrison, said: “Triple is an excellent match for SmartSearch in its ambitious next phase of growth. The business is especially looking forward to calling on its deep expertise in scaling mission critical, B2B risk and compliance software.”
Head of investments and managing and founding partner at Triple, Mads Hansen, added: “[SmartSearch] has shown consistent growth and profitability and provides a high-quality software platform for its clients. We look forward to partnering with the SmartSearch team to pursue the company’s next stage of growth.”
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