The Irish regtech software company was founded more than 20 years ago and now works with central banks, regulators and tax authorities around the world.
Dublin-headquartered Vizor Software, which develops regulatory and supervisory technology, is being snapped up in a major regtech deal.
It was announced today (17 June) that BearingPoint RegTech has signed an agreement to acquire the Irish company. Terms of the acquisition were not disclosed, but The Irish Times is reporting that it is a multimillion-euro deal.
Vizor Software was founded more than 20 years ago and now has a workforce of around 100 employees at its base in Sandyford. It focuses on supervisory tech for financial regulators, regulatory tech for reporting across banking, insurance and pensions, and cross-border automated exchange of information for tax authorities.
Its customers are primarily based in Africa, Asia, Australia, Canada and the Middle East. BearingPoint RegTech said this reach would complement its own regulatory and supervisory tech business in Germany, Austria and Switzerland, and its growing presence in Benelux, Ireland, the UK and the Nordics.
“Since we founded Vizor over 20 years ago, we have made the company a renowned technology provider for central banks, regulators and tax authorities around the world,” said Conor Crowley, CEO of the company.
“Vizor’s decision to join forces with RegTech is crucial for the further development and international growth of our company.”
The Vizor management team will remain and work with the acquiring company. Emer FitzPatrick, country lead for Ireland at BearingPoint RegTech, said this would give the organisation a larger Irish team.
BearingPoint RegTech is headquartered in Frankfurt, Germany, and has a total workforce of around 650 employees.
It began as a business unit of management and technology consultancy BearingPoint, which has a growing base in Dublin. At the end of last year, the regtech business was sold to Nordic Capital and it now operates independently in the market.
Jürgen Lux, CEO of BearingPoint RegTech, said the Vizor acquisition is an “important milestone” as it demonstrates that the business can grow as a standalone company following the Nordic Capital deal.
“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.
“As a combined company, we will develop a strategy for further, sustainable growth to fulfil our shared mission: to contribute to the transparency and stability of the financial markets with our solutions.”