Cork company Compliance & Risks receives growth investment

12 Jul 2021

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San Francisco firm Luminate Capital has reportedly taken ownership of Compliance & Risks following a strategic investment.

21-year-old Cork business Compliance & Risks has announced a strategic investment from Luminate Capital that will drive rapid expansion of the business internationally.

Headquartered in Cork and with offices in London, Brussels and the US states of New York and California, Compliance & Risks provides a SaaS platform for product-makers to manage compliance.

The C2P knowledge management platform stems from Compliance & Risks founder Damien McGovern’s experience with legal, regulatory and compliance issues. It has been built up to provide a comprehensive database of product regulations, standards and requirements. With information and insights linked to product workflows, the SaaS platform assists product-makers in monitoring and managing end-to-end compliance for their chosen markets.

C2P users span technology, consumer, industrial and life sciences sectors. About 200 clients around the world are using the software, including Bose, Tesla, Samsung and Fujitsu.

“Today’s enterprises are faced with a vast, rapidly evolving and complex range of regulatory requirements and the operational challenge of maintaining global product compliance continues to increase,” said Luminate partner Dave Ulrich. “Compliance & Risks has the most comprehensive and effective solution addressing this key problem.”

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San Francisco-based Luminate Capital focuses on growth buy-outs in the enterprise software market. While the terms of the deal have not been disclosed, The Irish Times reports that Luminate has taken full ownership of the business, including McGovern’s shares, with a multimillion-euro investment.

Compliance & Risks has deemed the investment “significant” and will use the opportunity to drive expansion across its technology, services, client base and international workforce. This could lead to the creation of up to 100 jobs at the company over the next two years, according to sources speaking with The Irish Times.

“We are thrilled to partner with the entire Compliance & Risks team in their next phase of growth and believe they are well positioned to address a large global market opportunity,” said Luminate managing partner Hollie Haynes.

Compliance & Risks CEO Joe Skulski said the investment marks a “huge milestone” for the Cork company.

“Our new investors are placing a significant vote of confidence in our vision, our people and our technology. This investment, combined with Luminate’s track record of scaling SaaS companies will help us extend our market leadership, building upon our category-defining technology and deep international product regulatory knowledge and market access expertise. We have a very exciting future ahead of us,” he said.

Elaine Burke is the editor of Silicon Republic

editorial@siliconrepublic.com