Toronto-based automated due diligence software developer OutsideIQ has been chosen to participate in the Canadian Technology Accelerator in London, England, bringing their due diligence cognitive computing and search product to new markets, allowing businesses across the Pond to vet customers and handle complex compliance requirements.
The CTA selects small- and medium-sized Canadian companies from the FinTech, Big Data and M2M sectors with demonstrated revenue, value proposition, product innovation and market growth, offering them exposure to European and global markets, as well as mentorship from industry leaders and CTA partners.
“The CTA provides OutsideIQ with greater exposure to global partners and opportunities to pursue more clients within the U.K. and Europe,” says OutsideIQ CEO Dan Adamson. “We are proud to have been selected and continue to appreciate the Canadian Government’s support of our international expansion and the FinTech sector.”
OutsideIQ was founded in 2010, eventually launching its core product, DDIQ, in March 2015, after several years of R&D, and introducing its automated investigation technology, which can access a wide range of sources on both the open and deep web, as well as across corporate registration records, to automate the risk assessment process and produce a detailed due diligence report within minutes.
OutsideIQ employs data scientists, Big Data specialists and software engineers to develop a proprietary due diligence cognitive computing and search product, allowing customers to conduct background research on prospective clients and partners using an automated data sifting process that appears to have the interpretation skills of a human researcher.
Earlier this year, OutsideIQ was selected to participate in two other trade missions, one federal and one provincial, the Canadian FinTech Mission to Brazil and the Government of Ontario FinTech Mission to London.
The London CTA residency also offers OutsideIQ enhanced Trade Commissioner support, enabling the company to introduce DDIQ to new customers, partners, and VCs across the EU/EMEA regions.
“As a global hub for finance and technology, London is a natural city for innovative Canadian firms to put down roots and establish an international presence,” said Gordon Campbell, Canada’s High Commissioner to the United Kingdom. “The Government of Canada is committed to increasing trade opportunities in the UK. Supporting companies such as OutsideIQ as they grow by fostering these kind of opportunities is a key component of our Trade Commissioner Services.”
In June, regulatory SaaS technology company Alacra, owned by Opus, making DDIQ available through its Alacra-On-Demand platform, which clients can use for anti-money laundering, fraud investigations, third-party vendor screening, anti-bribery and anti-corruption compliance.
Wealth advisors can add DDIQ to their usual in-person evaluation process which involves meeting and speaking with clients, to help discover any red flags that may indicate that an investment is being used for less than strictly legal purposes.