Moody’s announces acquisitions of PassFort and 360kompany

Moody’s Corporation has acquired PassFort and has agreed to acquire 360kompany (kompany), two Europe-based providers of onboarding and Know Your Customer (KYC) technology solutions.

The financial terms of the deals were not disclosed.

According to Moody’s Corporation, the acquisitions will complement its technology, analytical, and data capabilities, and improve its customer solutions for KYC, compliance, anti-money laundering, and counterparty risk.

Based in the UK, PassFort is a SaaS-based workflow platform for identity verification, onboarding of customers, and risk analysis. Its software is said to provide data from more than 25 third-party providers and helps in automating the verification, collection, and secure storage of supplier and customer due diligence documentation.

Moody’s said that the integration of PassFort’s platform into its suite of KYC and compliance offerings will result in a more holistic workflow solution to enable customers to directly incorporate the former’s data such as credit, ESG, cyber, and climate analytics into their proprietary processes.

On the other hand, kompany, which is based in Vienna, is a platform for audit-proof business verification and KYC. The company is said to operate a network of primary source information on over 115 million firms across 200 jurisdictions.

Moody’s said that kompany’s API will let its customers complete shareholder analysis and verification of entities in real-time, and recover original company filings and documents to address their regulatory demands.

Keith Berry — General Manager of Moody’s KYC business unit said: “Our customers rely on our data and analytical tools to make decisions about who they do business with.

“PassFort and kompany are innovators in the compliance and regulatory space, and their technologies will upgrade and accelerate our customers’ onboarding and monitoring processes.”

Moody’s said that the two acquisitions follow its recent investments in capabilities in KYC. The risk assessment firm plans to integrate the two firms into its KYC business within Moody’s Analytics.

The acquisition of kompany, which is subject to customary closing conditions, is anticipated to be wrapped up in Q1 2022.