Corlytics, the global leader in regulatory intelligence and policy compliance technology, has acquired a digital RegTech platform from Deloitte UK.
The announcement closely follows Verdane’s majority stake investment last month to cement Corlytics’ global category leadership.
Corlytics continues to be an industry pacesetter, from its work developing intelligent regulations and taxonomies with regulators such as the FCA, to its acquisitions of key policy management technologies of ING’s SparQ and Clausematch last year. It is the RegTech partner of choice for the world’s largest financial services firms.
Plugged directly into international regulators, Corlytics is the only solution that enables clients to align with, and stay ahead of, regulatory demands, which increasingly require growing levels of proof of compliance. This Deloitte UK RegTech platform and its unique capabilities add considerable breadth and domain expertise to further Corlytics’ capabilities from interpreting regulatory change, to mapping policies and now to controls - empowering users to find, interpret, understand and accurately implement regulatory change. It will extend Corlytics’ coverage in Europe and the US, and provide the capability to further augment the Corlytics platform for global Tier 1 organisations in financial services, but also into sectors such as Big Tech and Pharma.
Corlytics CEO John Byrne said: “This is a transformational acquisition for clients. The RegTech market is growing and evolving fast, and Corlytics is positioned at the forefront. We continue to seek opportunities for sustainable expansion and consolidation, and are thrilled to incorporate this Deloitte UK platform and associated team. Deloitte UK has been using our intelligent data for five years now, and I’m thrilled to take this relationship to the next level. Our ambition goes beyond intelligent data solutioning - we aim to establish a new horizon and set a new standard for how compliance is managed.”
Deloitte UK Partner and Head of RegTech Kent Mackenzie will join Corlytics as Chief Operating Officer. He added: “The Corlytics business and this Deloitte UK RegTech platform are hugely complimentary, and as a combination can offer a truly unique, end-to-end platform in the market. This is a gamechanger for our clients and the industry. Together, we can completely address the critical challenges clients are desperate to solve, and elevate the value and intelligence placed on regulatory content and management.”
Cindy Chan, Managing Partner for risk advisory at Deloitte UK, said: “Having built this platform from scratch over the last eight years, we are extremely proud of the growth the team has achieved and the service that has been delivered to our clients. Following the approach from Corlytics to buy the platform, we feel that this sale offers the best opportunity for the team to continue to grow the business and develop their careers.”