UK-based digital compliance and anti-money laundering (AML) software vendor SmartSearch has signed an agreement to acquire Credas Technologies from legal practice management software vendor Dye and Durham for approximately £77.8 million.
Dye and Durham first acquired Credas in November 2023 and will now use proceeds from the divestiture to “repay outstanding senior secured debt, advancing its deleveraging priorities and further strengthening its balance sheet”, according to a statement.
Under the terms of the agreement, which remains subject to regulatory approval, Dye and Durham has entered into a commercial agreement with Credas and SmartSearch, “ensuring continuity of service for the company’s practice management and data insights customers in the UK”.
Led by CEO Tim Barnett, Credas specialises in compliance and onboarding solutions for the legal and property sectors. The business currently serves over 1,000 clients, and provides digital identity verification and AML checking services from its Cardiff headquarters.
SmartSearch, headquartered in Ilkley, West Yorkshire, says the acquisition “expands its product offering and market reach” beyond financial services, with specific attention to “delivering even greater flexibility and value to clients across regulated industries”.
The purchase follows a majority investment made into SmartSearch by London venture capital firm Triple Private Equity in March 2024, with SmartSearch claiming to have achieved 31% year-on-year growth since 2013.
Source: https://www.fintechfutures.com/
