RegTech Corlytics has made its second acquisition of the year with the takeover of compliance mapping provider Clausematch.
The acquisition of Clausematch follows the buy out of SparQ, a regulatory monitoring platform spun out of ING, in a €5 million aggregate deal sealed in January.
The expanded Corlytics Group now claims to police the entire regulatory management value chain, from regulatory monitoring, regulatory change management, policy management to attestation for global Tier 1 institutions.
With over 180,000 users, Clausematch counts several Tier 1 banks in North America and Europe, including Barclays, as clients. The firm's software platform empowers companies to collaborate, create, manage and review different types of compliance documents, in real time, with a complete audit trail and live insights.
The acquisition brings the combined number of clients to 80, including 14 of the world’s top 50 banks.
Clausematch founder and CEO Evgeny Likhoded will take up the newly created position of president of Corlytics.
Speaking on the acquisition, he says: 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, "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.”
Clausematch last raised $10 million in June last year, bringing its total funding to $20 million.
Financial terms of the deal were not disclosed.