The combined company has 80 clients and plans to make a ‘one-stop-shop’ that covers the full value chain around regulatory risk.
Irish risk-focused financial intelligence tech company Corlytics has acquired the UK’s Clausematch, in a bid to extend its operations to global banks and enhance its regtech services.
Corlytics said it is looking to expand further in the next two years and predicts significant growth in the global regtech market. The two companies aim to combine their services to manage the full value chain around regulatory risk. The financial details of the deal have not been disclosed.
The Dublin-headquartered company has had a busy couple of years, doubling its team between 2020 and February of this year. Corlytics operates primarily in the financial services sector, creating “intelligent regulation” for regulators by giving them tools to manage some of the documents they deal with.
Clausematch, meanwhile, provides a platform for companies to create and maintain intelligent regulatory documents and policies. The new combined company aims to offer various regulatory management services such as monitoring, change management, policy management and attestation.
The deal marks Corlytics second acquisition to date. The company’s founder and CEO John Byrne said the deal will create a “one-stop-shop” that meets and exceeds evolving regulatory needs of its clients.
“Clausematch will continue its ongoing work with existing clients and extend our reach to 14 of the top 50 global banks,” Byrne said. “Clausematch has a proven track record as a global regtech leader, and the synergies are obvious especially amongst our joint customer base.”
Byrne will retain the position of CEO within the enlarged group, while Clausematch founder and CEO Evgeny Likhoded will take up the newly created position of president of Corlytics. The acquisition brings the combined number of clients to 80.
“Our clients have been asking for the integration of regulatory content into our platform for a long time,” Likhoded said. “By combining and accelerating our products and client relationships, we will drive a revised compliance operating model and unlock new value for our esteemed clients, redefining the regtech landscape.
“Through the combined products, our clients will be able to show to the regulator how a regulatory change is assessed, implemented and communicated internally and be able to provide compliance attestations in a single platform.”
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