Australian tech billionaire Richard White has acquired ASX-listed corporate KYC company Kyckr.
White, the founder of logistics giant WiseTech, has bought 100% of Kyckr through his personal investment vehicle RealWise.
Kyckr provides companies with real-time access to aggregated corporate Know Your Customer and Ultimate Beneficial Owner data from over 300 company registries and primary regulated sources around the world, enabling them to undertake real-time due diligence on over 120 million companies globally.
This, says the firm, allows organisations to minimise their exposure to commercial risk, prevent financial crime such as money laundering and ensure regulatory compliance by better understanding their customers and suppliers.
Says White: "I see in Kyckr the opportunity to replace manual processes and aggregate real-time data from disparate sources to provide a scalable, reliable, highly compliant and cost effective KYC/KYB/UBO tech platform solution in the same way that WiseTech’s CargoWise has replaced multiple single-point legacy systems in the complex and fragmented global logistics sector with integrated global technology that drives productivity, reduces compliance risk and facilitates planning, visualisation and control.”