Dublin-based financial services software company Corlytics has acquired a digital regulatory technology platform from Deloitte UK for an undisclosed sum.
The deal will help further develop Corlytics’ regulatory monitoring and implementation expertise, and comes in the wake of funding from European private equity group Verdane that saw the firm take a majority stake in the Irish business.
Corlytics, which specialises in regulatory risk intelligence, said the deal was “transformational” and would add further breadth and domain expertise and extend its coverage in Europe and the US.
“This is a transformational acquisition for clients,” said Corlytics chief executive John Byrne. “The RegTech market is growing and evolving fast, and Corlytics is positioned at the forefront. We continue to seek opportunities for sustainable expansion and consolidation, and are thrilled to incorporate this Deloitte UK platform and associated team.
“Deloitte UK has been using our intelligent data for five years now, and I’m thrilled to take this relationship to the next level. Our ambition goes beyond intelligent data solutioning. We aim to establish a new horizon and set a new standard for how compliance is managed.”
As part of the deal, Deloitte UK partner and head of RegTech Kent Mackenzie will join Corlytics as chief operating officer, and the 17 staff employed by the company will also join the Irish company.
“Having built this platform from scratch over the last eight years, we are extremely proud of the growth the team has achieved and the service that has been delivered to our clients,” said Cindy Chan, managing partner for risk advisory at Deloitte UK. “Following the approach from Corlytics to buy the platform, we feel that this sale offers the best opportunity for the team to continue to grow the business and develop their careers.”
Last year, Corlytics acquired Clausematch and ING’s SparQ in a bid to become a global RegTech consolidator. The company said it was continuing to invest in innovation, spending more than €65 million on research and development to date as it seeks to tap into the growing RegTech market. The global market is expected to grow at a compound annual growth rate of 23.6 per cent between now at 2032.
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