Moody’s Corporation [NYSE: MCO] disclosed that it has purchased PassFort. The company also inked an agreement to purchase 360kompany AG (kompany), two European offerors of onboarding and KYC technology solutions. The purchases add to Moody’s technology, data, and analytical abilities.
Moreover, this acquisition will also improve its industry-leading customer solutions for KYC, anti-money laundering, acquiescence, and counterparty risk. The purchase of PassFort and the proposed acquisition of kompany follow Moody’s recent grants in KYC capabilities. Furthermore, Moody’s will combine both companies into its KYC business within Moody’s Analytics, where they will strengthen the Orbis company database and the GRID database of risk profiles, conflicting news, politically exposed persons, and penalties.
In addition, the purchase of kompany is likely to end in the first quarter of 2022, after the fulfillment of conventional closing conditions. It includes the ending or dissolution of appropriate administrative waiting periods and will be financed with an aggregate of cash and shares of Moody’s Corporation common stock.
Moreover, kompany has earned a reputation as a Vienna, Austria-based platform for audit-proof business verification and KYC. It is running a network of primary source information on more than 115 million companies across 200 domains. kompany’s API will allow Moody’s customers to complete shareholder inquiry and entity verification in real-time, as well as recover original company filings and documents to fulfill their regulatory demands.