Triple will take a majority share in SmartSearch and work with existing management to “deliver on the company’s next stage of growth”. SmartSearch founders and existing shareholders will retain a minority stake in the company.
SmartSearch said that the investment would allow it to “build on the foundation of innovation and solid business leadership”.
The company was founded in 2011 and has a platform and technology that allows the firms to “navigate ever-increasing regulatory demands including anti-money laundering (AML) compliance, customer due diligence, know-your-customer (KYC) and know-your-business (KYB) procedures”.
SmartSearch is used by over 7,000 client firms and 60,000 users in a wide range of regulated markets covering legal, accountancy, property and financial services.
The customer base also includes 1,000 property firms.
‘An excellent match’
Guy Harrison, CEO of SmartSearch, said: “Triple are an excellent match for SmartSearch in its ambitious next phase of growth. The business is especially looking forward to calling on their deep expertise in scaling mission-critical, B2B risk and compliance software.”
Martin Cheek, co-founder and managing director of SmartSearch, said: “Having founded the business with John Dobson, I am incredibly proud of what we have built at SmartSearch, the world-class technology we have developed and the talented team we have created.
“In a little more than a decade, SmartSearch has grown from a regtech start-up to a trailblazing technology company that is driving the digital compliance revolution. This major investment from Triple is a true testament to the hard work of our nearly 200-strong team who, alongside Triple, will be instrumental in this next stage of growth.”
Mads Hansen, head of investments and managing and founding partner at Triple, added: “SmartSearch is a market leader in governance, risk and compliance (GRC) in the UK, a key investment space for Triple.
“The company has shown consistent growth and profitability and provides a high-quality software platform for its clients. We look forward to partnering with the SmartSearch team to pursue the company’s next stage of growth.”
Ben Shepherd, head of value creation and founding partner at Triple, continued: “We are excited to partner with SmartSearch, its exceptional team and clients to continue their strong growth and quality products and services. Leveraging Triple’s expertise and network, we are confident in our ability to support SmartSearch’s growth opportunity as the leading UK compliance platform.”
