Encompass, a provider of real-time digital Know Your Customer (KYC) profiles, has acquired CoorpID and Blacksmith KYC from ING to enhance offerings around identification and verification of corporate and institutional clients. Terms of the deal were not disclosed.
The deal will see Encompass acquire 100% of CoorpID and Blacksmith, creating a platform it says will transform the KYC process across the industry. ING will be a stakeholder and development partner to Encompass.
“ING’s commitment to supporting and fueling KYC excellence has led to the successful journeys of CoorpID and Blacksmith KYC. The combination of the technology and market expertise brought by these two businesses is the perfect match for Encompass,” Wayne Johnson, co-founder and CEO of Encompass, said in a news release. “[Corporate digital identity] is the future of our industry, solving critical problems for the banks we serve, and these acquisitions represent a huge step forward in bringing our vision, which will transform KYC, to life. I could not be more excited as we embark on this next phase and fully believe in what we collectively bring, with much more on the horizon.”