SmartSearch secures major investment to propel growth
SmartSearch, a UK-based leader in digital compliance and anti-money laundering (AML) software, has announced a significant equity investment from Triple Private Equity, signifying a pivotal moment for the company's expansion plans
Triple Private Equity will acquire a majority stake in SmartSearch, partnering with existing management to drive the company's next phase of growth. Despite this shift, SmartSearch's founders and current shareholders will retain a minority interest in the business, ensuring continuity and alignment with the company's vision.
Established in 2011, SmartSearch has rapidly evolved from a startup to a prominent player in digital compliance, renowned for its innovative platform facilitating AML compliance, customer due diligence, and Know Your Customer (KYC) procedures. Trusted by over 7,000 client firms and 60,000 users across various regulated sectors, SmartSearch boasts an impressive client roster, including prominent names in legal, accountancy, property, and financial services.
The company's commitment to innovation is evident through the recent launch of its next-generation platform, aimed at serving both existing markets and expanding into enterprise clients. This dedication to advancement has fuelled an approximate 20% annual growth rate between 2020 and 2023, solidifying SmartSearch's position as a leading regtech company in the UK.
Guy Harrison, CEO of SmartSearch, expressed confidence in Triple's alignment with the company's growth objectives, citing Triple's expertise in scaling B2B risk and compliance software. Martin Cheek, co-founder and managing director, reflected on SmartSearch's journey from startup to trailblaser in the digital compliance landscape, underscoring the dedication of the company's team to driving innovation and excellence.
Mads Hansen, head of investments at Triple, highlighted SmartSearch's market leadership and consistent growth, emphasising Triple's commitment to supporting the company's expansion trajectory. Ben Shepherd, head of value creation at Triple, echoed this sentiment, expressing enthusiasm for partnering with SmartSearch and leveraging Triple's resources to fuel further growth and product enhancement.
The deal was facilitated by a consortium of advisors including Rothschild (corporate finance), Squire Patton Boggs (legal), KPMG (financial and tax), Park Place (founders advice), and Liberty (management advice), reflecting SmartSearch's commitment to prudent and strategic decision-making.
With this investment, SmartSearch is poised to accelerate its trajectory as a frontrunner in digital compliance solutions, leveraging Triple's support to enhance its offerings and expand its market presence, solidifying its position as a cornerstone of the UK compliance platform landscape.