The company’s shares were last trading circa 8% higher intra-day, at $0.205.
Kyckr is a regulatory technology (regtech) business providing Know Your Client (KYC) technology solutions to help protect against money laundering, fraud and tax evasion.
The company’s ability to provide primary source registry information to assist with on-boarding and ongoing company monitoring provides an important point of differentiation for IBM to provide to its clients.
Kyckr will earn revenue on a project basis, with IBM already identifying a number of clients that require Kyckr’s data remediation services.
The company’s database is connected to 186 official state and national business registries, across 120+ countries.
The execution of the content agreement with IBM sets in place the platform to take Kyckr to IBM’s customers globally.
IBM is a global aggregator with a significant sales force and delivery capabilities.
It is expected that Kyckr’s most valuable channel is through global aggregators, with many others to target and close.
The company recently signed a multi-year agreement with Bloomberg for an initial three years with an option for renewal.
As part of its agreement with Bloomberg, Kyckr will provide access to its business registry data for customers of various Bloomberg products, including the Bloomberg KYC Entity Exchange Service.