Moody's Acquires PassFort; To Buy 360kompany To Enhance Onboarding, Monitoring Processes

(RTTNews) - Moody's Corporation (MCO) said on Friday that it has acquired PassFort Limited, and signed an agreement to buy Austrian company- 360kompany AG or kompany.

The two European companies are the providers of onboarding and Know Your Customer (KYC) technology solutions.

Financial terms of the deal have not been disclosed.

The acquisition of kompany is expected to close in the first quarter of 2022, and will be funded with a combination of cash and shares of Moody's. The acquisition of PassFort is funded using cash.

Both the acquisitions are not expected to have a material impact on Moody's 2021 financial results.

Keith Berry, General Manager of Moody's KYC business unit commented: "…PassFort and kompany are innovators in the compliance and regulatory space, and their technologies will upgrade and accelerate our customers' onboarding and monitoring processes."

The integration of the UK-based PassFort's platform into Moody's suite of KYC and compliance offerings could create a more workflow solution, allowing customers to incorporate Moody's data, including credit, cyber, ESG, and climate analytics, directly into their proprietary processes.

kompany is a platform for audit-proof business verification and KYC, operating a network of primary source information on over 115 million companies across 200 jurisdictions.