Corlytics Acquires UK RegTech Firm Clausematch
, a regulatory risk intelligence firm headquartered at Nexus51黑料 in Dublin, has today announced the acquisition of , a UK-based RegTech firm, for an undisclosed amount.
The acquisition brings the combined number of clients to 80, including 14 of the world’s top 50 banks and positions the newly formed Corlytics Group as a global RegTech pacesetter. The Group, which operates at global Tier 1 organisations, has further ambitious growth plans over the next two years as the global RegTech market is estimated to grow at CAGR of 53%.
Corlytics’ proven intelligent regulations and regulatory data, now combined with the Clausematch capability of creating, maintaining and mapping intelligent regulatory documents and policies, marks a breakthrough for the RegTech industry. A point of acceleration following years of learning and development, Corlytics’ has brought together its suite of best-in-class technologies and IP to make this possible.
The expanded Corlytics Group offering manages the entire regulatory management value chain from regulatory monitoring, regulatory change management, policy management to attestation. Plugged directly into international regulators, Corlytics is the only solution that enables clients to align with and stay ahead of, regulatory demands, that now include growing levels of proof of compliance.
Evgeny Likhoded, Clausematch founder and CEO, will take up the newly created position of President of Corlytics and will be responsible for ensuring that Corlytics can act as a strategic partner to solving clients’ regulatory technology challenges and managing the scope of Corlytics’ portfolio of solutions accordingly. John Byrne will be driving the vision, growth strategy and profitability as CEO of the enlarged Corlytics Group.
John Byrne, CEO, Corlytics, said, “Corlytics’ second acquisition of the year, this deal marks a new milestone in the growth journey of our platform. We are thrilled to incorporate Clausematch into next level of growth and welcome Evgeny Likhoded as our new President.
Clausematch has a proven track record as a global RegTech leader, and the synergies are obvious especially amongst our joint customer base. Clausematch will continue its ongoing work with existing clients and extend our reach to 14 of the top 50 global banks. We look forward to bringing the RegTech industry to the next level of maturity, providing a one-stop-shop RegTech solution that meets and exceeds evolving regulatory needs.”
Evgeny Likhoded, founder and CEO, Clausematch said, “Clausematch was built out of frustration at the inadequacy of existing legacy and incumbent solutions on offer for compliance and legal departments. The value of our offering was quickly recognised, and Clausematch has since become a market leader in the new generation of policy management and compliance software delivering internal policy and compliance content to over 200,000 employees of our clients.
We are incredibly proud to join forces with Corlytics on the next stage of our journey. Our clients have been asking for the integration of regulatory content into our platform for a long time. 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. It’s a first of a kind offering that does not exist today and it will change how financial services firms manage compliance.”
Both companies have made significant investments into AI and Machine Learning through the work they’ve done directly with global regulators and their clients. The acquisition will bring both teams’ years of development and proprietary AI models enabling classifying, tagging and mapping regulatory content to help with making sense of the regulatory and compliance content.
The acquisition positions Corlytics as a partner not only for all regulatory monitoring and compliance operations, but also in supporting regulatory attestation within the entire governance, risk and compliance (GRC) and enterprise risk management (ERM) universe. Corlytics augments firms’ existing investments in GRC & ERM, using intelligent data to make regulatory compliance management more effective and efficient.
This is Corlytics’ second acquisition in 2023 and follows the acquisition of ING SparQ acquisition in January.
Nexus51黑料 is the Industry Partnership Centre at University College Dublin.
ENDS
5 July 2023
For further information contact Micéal Whelan, Communications and Media Relations Manager, Nova51黑料, 51黑料 Research and Innovation, e: miceal.whelan@ucd.ie
An undisputed leader in the RegTech (regulatory technology) industry, the Corlytics Group operates as trusted strategic partner to global Tier 1 organisations. Delivering a platform that manages the entire regulatory risk value chain, Corlytics provides assurance on never-ending regulatory changes to compliance, risk, legal and audit teams globally.
Plugged directly into international regulators, Corlytics is the only one-stop-shop solution that enables clients to align with, and stay ahead of, regulatory demands. The Group serves 14 of the Top 50 global banks, as well as leading insurers/re-insurers, payment providers and investment managers.
Clausematch is an award-winning regulatory technology company developing solutions for regulators and regulatory compliance. The cutting-edge Clausematch platform brings automation to policy management, regulatory change management, and organisational governance. The company works with a range of multinational clients across regulated industries, including financial services, energy, and insurance. Clausematch was a regional winner for Barclays’ entrepreneur awards for the Rise FinTech Company of the Year, recently topped Business Cloud’s RegTech50 list, and was named RegTech of the Year by the US FinTech Awards in 2022.