regulation

Contego, a RegTech identity verification and compliance platform, has acquired Working Status Ltd.

Working Status Ltd, which provides compliance software and document scanning solutions, enables financial services, property and FinTech firms to improve and automate anti-money laundering (AML) and know your customer (KYC) processes.

The acquisition will broaden Oxfordshire-based Contego’s compliance capabilities, helping to accelerate growth.

Adrian Black, CEO at Contego, commented: “This acquisition increases the range of clients that we can help in an increasingly regulated world. We are committed to continuing to develop and strengthen our position as a 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.”

Although the size of the deal remains undisclosed, Black confirmed that the acquisition of Working Status Ltd is expected to contribute 33% of Contego’s 2017 revenue.

“Working Status Ltd 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,” he added.