Corlytics Acquires a Digital RegTech Platform from Deloitte UK
Corlytics, the global leader in regulatory intelligence and policy compliance technology, today announced the acquisition of 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, headquartered at NexusUCD in Dublin, 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.
The 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.
John Byrne, CEO and founder, Corlytics 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.”
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.”
Last month John Byrne received the 2024 NovaUCD Founder of the Year Award.
Seventeen (17) people that work within the Deloitte UK RegTech platform will be joining Corlytics as part of the acquisition. Kent Mackenzie, Deloitte UK Partner and Head of RegTech, will join Corlytics as Chief Operating Officer.
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.”
2023 saw Corlytics make two significant acquisitions, ING SparQ and Clausematch, creating an unparalleled platform that manages the entire regulatory risk value chain on a global scale, elevating its extensive offer for Tier 1 organisations including ING, BNY Mellon, ScotiaBank and SwissRe.
Further ambitious growth is planned over the next two years, with the global RegTech market anticipated to grow at a CAGR of 23.6% between 2024-2032.
Nils Vold, partner at Verdane, said, "We backed Corlytics as the RegTech category leader just three weeks ago, and we are thrilled to already be supporting John and his excellent team on their first acquisition since Verdane’s majority investment. As specialist technology growth investors, we partner with leading entrepreneurs, to support them on both their organic and acquisitive growth journeys. This acquisition is a fantastic step forward for Corlytics, its people and its customers."
Since 2020 Corlytics has grown 60% per annum, predominantly driven by its core regulatory compliance products. The number of customers has roughly doubled during this period.
Today, the management team led by founder and CEO John Byrne, forecasts double digit growth of approximately 35% CAGR through to 2028. Completely new products, content classes and additional acquisitions are expected to contribute further to growth by 2028.
ENDS
7 May 2024
For further information contact Micéal Whelan, Communications and Media Relations Manager, NovaUCD, UCD Research and Innovation, e: miceal.whelan@ucd.ie or Anna Antimiichuk, Corlytics, e: anna.antimiichuk@corlytics.com.
Editors Notes
An undisputed leader in the RegTech (regulatory technology) industry, the Corlytics Group (the ‘Group’) operates as trusted strategic partner to global Tier 1 organisations. Delivering a platform that manages the entire regulatory risk value chain, Corlytics provides assurance on never-ending regulatory changes to compliance, risk, legal and audit teams globally.
Plugged directly into international regulators, Corlytics is the only one-stop-shop solution that enables clients to align with, and stay ahead of, regulatory demands. The Group serves 14 of the Top 50 global banks, as well as leading insurers/ re-insurers, payment providers and investment managers.
Corlytics has won several recent awards including: Payments Compliance Technology of the Year in the FS Tech Payments Awards, Best Solution for Regulatory Change Management, Regulation Asia, Most Innovative Regulatory Compliance Monitoring/ Management, A-team Innovation awards, Compliance and Regtech award, FS Awards and Regtech of the year in the Deloitte Financial Services Innovation Awards. www.corlytics.com
The Deloitte UK RegTech platform being acquired is a comprehensive regulatory management platform, created to enhance how organisations structure, source and manage compliance and regulatory change. Designed and implemented by Deloitte UK’s risk and technology experts, the platform is an end-to-end workflow framework built around a digital platform. The platform automatically scans the market for regulatory change, provides a central point for controlling and managing compliance and regulatory change across the organisation, and combines all of this with end-to-end traceability of workflow.