The Kyckr Ltd (ASX: KYK) share price was rocketing this afternoon after the company announced a partnership with BAE Systems Applied Intelligence.
At the close of trading, the regulatory technology company's shares were up 18.9%, trading at 6.9 cents.
Let's take a closer look at the new alliance.
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What did Kyckr announce?
In today's release, Kyckr advised that it has partnered with BAE Systems to address anti-money laundering and compliance issues posed by regulated firms. The company aims to deliver reliable and efficient know-your-customer (KYC) and customer due diligence (CDD) solutions.
Kyckr believes the alliance will empower mutual customers to benefit from its solutions. Its network spans more than 180 registries and 170 million entities in 120 countries.
According to Kyckr, demand has been growing rapidly for its capabilities and services, supplying real-time access to a company's registry details. It said that regulations increasingly required for accurate and up-to-date KYC information.
A detailed study by Facts and Factors assessed the global KYC market value in 2019 at $257.23 million. This is forecast to reach $1,015.36 million by 2026, growing at a compound annual growth rate (CAGR) of 22%.
Management commentary
Kyckr partnerships head Myles McLaren welcomed the collaboration, saying:
We are delighted to be partnering with BAE Systems Applied Intelligence to provide live registry data to their end customers, improve KYC capabilities via enhanced access to our registry network and bring the best solution to their customers. We look forward to continuing to provide leading services in KYC compliance.
BAE Systems product director Peter Fisher added:
Partnering with Kyckr enables the automated screening of corporate records data within our NetReveal customer due diligence solution. The result is effective investigations, better detection and ultimately, a smoother end customer experience.
About the Kyckr share price
The Kyckr share price has gained more than 40% over the past 12 months but fallen around 10% year-to-date. The company's shares are currently between its mid-range of its 52-week chart (between a low 3.5 cents and a high of 11 cents).
Based on valuation grounds, Kyckr has a market capitalisation above $23.7 million, with roughly 343 million shares on issue.
