Clausematch has been acquired by Dublin-based RegTech peer Corlytics.
The London-headquartered company, ranked No.1 on our RegTech 50 last year, is Corlytics’ second acquisition this year after it moved for ING SparQ in January.
It says the strategic deal creates a 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.
The acquisition brings the combined number of clients to 80, including 14 of the world’s top 50 banks.
Plugged directly into international regulators, Corlytics enables clients to align with, and stay ahead of, regulatory demands that now include growing levels of proof of compliance. Its solution will be combined with Clausematch’s capability of creating, maintaining and mapping intelligent regulatory documents and policies.
Clausematch founder and CEO Evgeny Likhoded will take up the newly created position of president of Corlytics and be tasked with partnering with the world’s largest banks, insurers and payment companies. His company revealed its first partnership in the Middle East in April.
Meanwhile, John Byrne will be driving the vision, growth strategy and profitability as CEO of the enlarged group.
“Corlytics’ second acquisition of the year, this deal marks a new milestone in the growth journey of our platform,” said Byrne. “We are thrilled to incorporate Clausematch into our 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 added: “Clausematch was built out of frustration at the inadequacy of existing legacy and incumbent solutions on offer for compliance and legal departments. The value of our offering was quickly recognised, and Clausematch has since 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.”