Arachnys Information Services, a UK-based developer of anti-money laundering and identity verification software, has been acquired by US-based counterpart AML RightSource for an undisclosed amount, allowing aerospace manufacturer Marshall Group to exit.
Founded in 2010, Arachnys provides anti-money laundering and know-your-customer software used by business customers to support regulatory compliance and mitigate risks.
The company’s products are used by customers in the financial services sector but also other high-risk sectors such as pharmaceuticals, energy generation and real estate.
David Buxton, founder and CEO of Arachnys, will continue to lead the business but has also been appointed chief product officer of AML RightSource. Arachnys had raised $10m in a 2018 series A round featuring QED Investors and unnamed others.
Marshall Group’s corporate venturing unit, Martlet Capital, had led a seed round of undisclosed size for the company in 2012, investing alongside Cambridge Capital Group and Cambridge Angels. It added $3.5m from Martlet and private investor Tom Glocer three years later.