Corlytics Acquires UK’s Clausematch For An Undisclosed Amount
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Corlytics, a financial services software company based in Dublin, has acquired Clausematch for an undisclosed amount. The acquisition deal is the second one announced by the company this year.
Corlytics acquires Clausematch
Corlytics is one of the leading regulatory risk intelligence companies. The company has said that the acquisition deal was strategic for the company, as it will help Corlytics to have a platform that can be used to manage regulatory risk value chain.
This acquisition has positioned the company to pursue more growth across the RegTech market. Clausematch is a strategic investment by the company, and this deal will enable the company to achieve its set objectives.
Clausematch comes with the ability to create, maintain and map policies and intelligent regulatory documents. They will also support the management of regulatory monitoring, enable change management, manage policies, and attest to the global Tier 1 clients at the firm.
The chief executive at Corlytics, John Byrne, will be in charge of the new company that will be created through this deal. Byrne has said that the acquisition was a “new milestone” for the company. He mentioned the proven track record at the company as a leading global RegTech would allow the firm to continue with its work with the existing clients.
“Clausematch has a proven track record as a global RegTech leader, and the synergies are obvious, especially among 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,” Byrne said.
The executive further said that the bank was looking forward to bringing the RegTech industry to the next level of maturity. It would allow the company to create a one-stop RegTech solution that meets and surpasses regulatory needs.
Changes in the company
The founder and chief executive at Clausematch, Evgeny Likhoded, will be the new president of Corlytics group under this deal. Likhoded will also be in charge of strategic partnership deals with clients to address the challenges that are posed by regulatory technologies and to manage the scope of the portfolio solutions at Corlytics.
Likhoded further said that Clausematch was created to address the limitations that come with inadequate existing legacies and incumbent solutions needed by the compliance and legal departments.
Clausematch further said that it would work with Corlytics in the future. According to Likhoded, the clients at the company have been demanding more regulatory content on the platform, which is what this deal offered.
The executive further said that the company would combine and accelerate its products and client relationships to deliver a revised compliance operating model and unlock new value for the clients.
The executive also noted that the new entity created as part of this deal would allow clients to demonstrate how regulatory change was assessed, implemented, and communicated internally. It will also provide compliance attestations on one platform. The new deal comes shortly after Corlytics confirmed the acquisition of ING SparQ to boost digitalization in the regulatory industry.
