The acquisition will add breadth and domain expertise to Corlytics’ capabilities, officials say.
Corlytics hopes to bolster its industry standing as a regulatory compliance provider via the acquisition of a digital, regulatory technology platform and associated staff members from Deloitte U.K.
The Deloitte U.K. news follows the announcement last month that private equity firm Verdane made a majority stake investment in Corlyitcs, a transaction managed by investment bank Baird.
The Deloitte U.K. 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,” according to the announcement.
The combination will help “users to find, interpret, understand and accurately implement regulatory change. It will extend Corlytics’ coverage in Europe and the U.S. and provide the capability to further augment the Corlytics platform for global Tier 1 organizations in financial services,” officials say.
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.
“Deloitte U.K. 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,” says John Byrne, CEO for Corlytics, in a prepared statement. “This is a transformational acquisition for clients. The RegTech market is growing and evolving fast.
Kent Mackenzie, Deloitte U.K. partner and head of regtech, will join Corlytics as chief operating officer (COO), officials say. A total of 17 staff members associated with the Deloitte U.K. platform will be joining Corlytics as a result of the acquisition.
Need a Reprint?