FundApps, a provider of compliance monitoring and regulatory reporting solutions for the financial services industry, and SteelEye, a trade and communications surveillance and data analytics platform, announced they have entered into a “definitive agreement to merge.” Existing FundApps investor FTV Capital provided an “additional equity investment” in order to bring together two of the industry’s RegTech providers and create a “single, end-to-end compliance solution serving clients across the buy-side and sell-side.”
The combined organisation creates a platform that transforms how financial institutions approach compliance – uniting “surveillance, monitoring, reporting, and analytics to deliver complete visibility and control across the regulatory lifecycle.”
Together, FundApps and SteelEye will aim to offer an integrated suite of solutions that help clients navigate regulatory obligations with automation, transparency, unified control.
The merger follows FTV Capital’s initial growth equity investment in FundApps earlier this year, and the “appointment of Brad Bernstein, managing partner at FTV Capital, Richard Earnshaw, partner at FTV Capital, and Max Weber, vice president at FTV Capital, to the FundApps board of directors.”
Together, FundApps and SteelEye will serve clients including banks, asset managers, hedge funds, and commodities firms across various countries, with a combined Annual Recurring Revenue “approaching £50mn and major offices in London, New York, Singapore, India, and Portugal.”
Financial terms were not disclosed. Perella Weinberg Partners has served as exclusive financial advisor to SteelEye.
As covered, SteelEye is the industry’s integrated trade and communications surveillance solution. They enable financial firms with the data-driven tools and complete insights they need to “focus on what matters, all from a single platform.”
Various algorithms and intelligent alerts detect market manipulation and compliance breaches, while their holistic data model – which “combines communications, trades, orders, news, and market data – provides intelligent insights and deep analytics.”
Founded in 2017, SteelEye has offices “in the UK, North America, Portugal, and India, while also being incorporated in Singapore.”
As noted in the update, FundApps is a cloud-native RegTech SaaS platform that automates compliance monitoring and “reporting for the world’s leading financial institutions.”
Trusted by some of the world’s hedge funds, asset managers, pension funds, and investment banks, FundApps monitors more than $30 trillion in assets under management across various jurisdictions.
Their platform reportedly brings together regulatory expertise, market data, and expertly coded rules, peer-validated by their client community. Whether it’s shareholding disclosure, sensitive industries, position limits, or regulatory reporting, they help clients stay “ahead of regulatory change, reduce operational risk, and safeguard their reputation.”
With a team of former regulators, legal professionals, software engineers, and information security professionals, FundApps builds resilient solutions that work. As a certified B Corp, they’re committed to “doing business the right way – with integrity, transparency, and a strong ethical foundation.”