Vizor, an Irish software company that develops regulatory software, has been acquired in a multi-million euro deal.
The buyer is BearingPoint RegTech, which was acquired by well-known multinational consulting firm Nordic Capital late last year. The deal for Vizor represents its first deal since its acquisition.
Founded in 2000, Vizor provides software that enables the supervision of companies by a supervisory authority, such as a central bank, financial regulator or tax authority.
With its headquarters in Sandyford, Co Dublin, and with 100 employees, Vizor's technology is trusted by 30 financial regulators globally. Its client base also includes 19 tax authorities and 30 financial institutions.
"Vizor's decision to join forces with RegTech is crucial for the further development and international growth of our company," said Conor Crowley, the company's chief executive.
No financial details regarding the deal have been disclosed. The latest publicly available accounts for Vizor show it recorded turnover of €13.45 million and pretax profits of €2.7 million for 2019, as against revenues of €8.6 million and a €2 million loss a year earlier.
RegTech, which was founded in Frankfurt over 25 years ago, has products that are used by more than 6,000 reporting firms. The company employs 630 people and recorded revenues of close to €100 million last year.
“The deal with Vizor is an important milestone in RegTech’s development. It demonstrates that we are growing strongly as a standalone company since Nordic Capital came onboard as our new owner late last year,” said Jürgen Lux, chief executive of BearingPoint RegTech.
“Both Vizor and RegTech have over 20 years of history, are market leaders with our RegTech and SupTech solutions, and complement each other perfectly in terms of products, markets, and customers,” he added.
