7 December 2021
We are delighted to have advised workflow platform PassFort on its exit to risk assessment firm, Moody's Corporation.
PassFort is a UK SaaS-based workflow platform for identity verification, customer onboarding, and risk analysis. Its software delivers data from over 25 third-party providers and automates the collection, verification, and secure storage of customer and supplier due diligence documentation.
Moody’s Corporation is a global integrated risk assessment firm that empowers organisations to make better decisions. Its data, analytical solutions and insights help decision-makers identify opportunities and manage the risks of doing business with others.
The integration of PassFort’s platform into Moody’s suite of KYC and compliance offerings will create a comprehensive and holistic workflow solution, allowing customers to incorporate Moody’s data, including credit, cyber, ESG, and climate analytics, directly into their proprietary processes. This ground-breaking development offers customers a step-change in risk management capabilities and a best-in-class compliance proposition.
We have partnered with PassFort since its incorporation in 2015 and throughout the full lifecycle of the business, including on its Seed, Series A and Series B funding rounds.
Commenting on the transaction, corporate partner Angus Miln said: "We have unrivalled expertise in advising tech companies throughout their full lifecycle. It has been a privilege to work with Donald and the team at PassFort over the years and now as it exits to Moody's. This is a fantastic achievement and will enable the company to offer exponential innovation in KYC to an even broader customer base."
Donald Gillies CEO and Co-Founder at PassFort added: “It’s been a year of global growth and expansion for PassFort, and this acquisition means we can offer yet more powerful solutions to our customers, while opening up a world of new innovation for the future of RegTech. We are beyond grateful to the team at Taylor Wessing for being our trusted partners on that journey – to Ian, Ed and the team for their market leading advice and lightning speed of execution on this deal, and to Angus for his superb advice and strategic input throughout the lifecycle of the business. This team is second to none."
The transaction was led by partners Ian Moore and Angus Miln and senior associate Ed Chapman, with support from associates Nell Cooper and Rachael Potts, and trainee Oliver Dunn.
Our team worked alongside PassFort's financial advisers, SVB Technology Investment Bank.
by Howard Palmer and Ed Chapman