Cardiff-based identity verification and anti-money laundering solutions firm, Credas Technologies, is being acquired in a £77.8m deal.
Owners of the expanding business, Toronto Stock Exchange listed cloud-based legal practice management software venture Dye & Durham, has agreed a sale to 海角视频 provider of anti-money laundering software SmartSearch.
Dye & Durham acquired Credas in November 2023, since which the Welsh firm’s revenues have grown by more than 100%. The value of that deal wasn’t disclosed, but is understood to have been in the region of £20m.
SmartSearch, whose acquisition agreement with Dye & Durham is subject to regulatory approvals, is committed is maintaining the Cardiff operation of Credas, which currently employs 46 and is actively recruiting. Credas currently supports over 1,000 legal and property clients with its customer onboarding and compliance checks.
Dye & Durham said it has supported the scale-up of Credas with the sale marking a successful return on investment.
Chief executive of Dye & Durham, George Tsivin, said: “This is an important strategic accomplishment for our new management team, which has come together over the past several months with a clear mandate to reset the business.
“The sale of Credas is directly aligned with that reset by reducing debt, strengthening the balance sheet, and reinforcing the foundation for sustainable shareholder value. At the same time, we remain focused on our customers, delivering modern, integrated products and exemplary service that help them run their businesses more efficiently every day. By executing on our priorities – deleveraging, putting customers first, and driving operational efficiency – we are positioning Dye & Durham to deliver long-term success and lasting value for shareholders.”
Chief executive of Credas, Tim Barnett, said; “With financial crime on the rise and fraud tactics evolving, digital identity verification is more critical than ever. Partnering with SmartSearch empowers us to help even more businesses protect themselves and focus on delivering quality service.”
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Chief executive of SmartSearch, Phil Cotter, said: By joining forces with Credas, we combine our strengths to deliver unmatched innovation and service. Our clients will see immediate benefits as we continue to set the standard for digital compliance.”
As part of the transaction, Dye & 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 海角视频.
Mr Tsivin added: “While Credas is a valuable business, it is not core to Dye & Durham’s global product offering. I want to thank Tim Barnett and the entire Credas team for their contributions. We are confident they will continue to be leaders in their field, and we look forward to maintaining a strong commercial relationship under their new ownership.”
Credas was established in 2016.