Dublin-based regtech Corlytics has acquired a software spinout from Dutch bank ING for a “total value of €5 million”.
The 10-year-old company, founded by CEO John Byrne, intends to use the acquisition of ING SparQ to create a regtech platform with unified monitoring policies.
“This acquisition is important, both for the financial services industry and for Corlytics,” said Mr. Byrne.
“SparQ technologies mean we can close the loop on regulatory compliance and managing obligations in a unified platform to automate, deliver and demonstrate compliance. This transaction paves the way for further strategic acquisitions and is a clear signal of our ambitious program of managed growth.”
Corlytics, which has previously raised funds from Cyril McGuire’s Kernel Capital and Infinity Capital, primarily works with banks dealing with regulatory issues related to compliance, risk, legal and audit teams. Among other things, it offers interactive dashboards that display data risks and regulatory activities.
Corlytics, via SparQ, will now support ING companies worldwide with regulatory information and risk data for 550 ING users across the bank, including risk, compliance, finance, regulatory and legal departments.
“In 2017, recognizing the increasingly complex regulatory landscape, ING assembled a team of subject matter experts to innovate technologies and transform regulatory change and policy management,” said Rein Graat, Chief Compliance Officer of ING.
The focus was on consistent process integration, audit trailing and global standardization. SparQ has been instrumental in our efforts to show that we are in control. Corlytics became a key partner in 2018 and it is fitting that following the global internal launch, the next leg of SparQ’s journey will be with the company that can take its development to the next level of maturity of an industry-leading platform. We look forward to working more closely with Corlytics on this ongoing development.”
https://www.independent.ie/business/technology/corlytics-acquires-ing-sparq-in-5m-deal-42313008.html Corlytics acquires ING SparQ in a €5 million deal