Prytek has acquired Scanovate for $50.0 million, a transaction that adds a data-gathering and compliance technology platform to Prytek’s portfolio of financial services and human capital management businesses. The deal, which has been completed, transfers full ownership of Scanovate to Prytek, making the target a wholly owned subsidiary.
Scanovate operates through its B-Trust solution, a system designed to collect customer data with minimal friction while maintaining a full audit trail. The platform guides clients through information submission, allows analysts to flag incomplete or poor-quality data, and provides mitigation instructions in real time. It also supports governance and lineage requirements, enabling integration with core banking systems without extensive professional services work. Additional modules cover AML risk calculation across business lines, fraud detection for previously rejected applicants, list screening using third-party data providers, and sanctions screening against global and local registries.
Prytek, the acquiring company, focuses on building and scaling technology businesses that serve the banking, insurance, and corporate sectors. The acquisition is strategic because it brings in a compliance-oriented data layer that complements Prytek’s existing investments in process automation and risk management. Rather than developing such capabilities internally, Prytek gains immediate access to a deployed platform with a marketplace of add-on services, which can be offered to its network of financial institution clients.
The rationale for the deal centers on the growing regulatory burden faced by banks and other regulated entities. Scanovate’s tools address the need for efficient customer onboarding, ongoing due diligence, and fraud prevention, all areas where manual processes are costly and error-prone. By folding Scanovate into its group, Prytek can cross-sell these capabilities to its current portfolio companies and external customers, while Scanovate benefits from Prytek’s distribution channels and operational support.
The combined entity is expected to focus on expanding B-Trust’s adoption across Prytek’s client base, particularly in regions where compliance requirements are tightening. Management dashboards and machine learning features within the platform may also see further development under Prytek’s ownership. The acquisition positions Prytek to offer a more integrated suite of risk and data services, though the immediate financial impact on either company has not been disclosed.