Corlytics has acquired Clausematch thus combining two Regtech firms.
The terms of the acquisition were not disclosed.
Corlytics is plugged directly into multiple international regulators, serving 14 of the top 50 global banks, as well as insurers, payment providers and investment managers.
Clausematch works with a range of multinational clients across regulated industries, including financial services, energy, and insurance.
Corlytics says the acquisition positions them to become a “global pacesetter” as the Regtech market is expected to grow at a CAGR of 53% in the next two years.
Clausematch founder and CEO Evgeny Likhoded will become the newly created position of President of Corlytics.
John Byrne, Corlytics CEO will become the CEO of the enlarged group.
Byrne, said this is their second acquisition of the year, and they 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.”
Likhoded said that Clausematch has become a market leader in the new generation of policy management and compliance software.
“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.”
The business combination will see years of work, including using AI and ML, to provide a robust compliance and regulatory service.
The company says it is now positioned for all regulatory monitoring and compliance operations, including the support of regulatory attestation within the entire governance, risk and compliance (GRC) and enterprise risk management (ERM) universe.
