Irish regtech firm Corlytics has acquired UK regulatory software company Clausematch in a deal that will see Clausematch founder and CEO Evgeny Likhoded take up the position of President of Corlytics – John Byrne will head the 'growing' group as CEO – the group expanded earlier this year when it absorbed ING SparQ in a €5 million deal.
Corlytic says that this latest deal will form an ‘unparalleled platform that manages the entire regulatory risk value chain on a global scale, elevating Corlytics’ extensive offer for Tier 1 organisations including global banks such as ING, insurers such as SCOR and regulators such as FINRA’.
“Corlytics’ second acquisition of the year, this deal marks a new milestone in the growth journey of our platform," says Byrne. “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.”
“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," says Likhoded. "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.”
Main image: John Byrne and Evgeny Likhoded having a chat