Regulatory intelligence publisher Corlytics, which provides content and automated policy compliance, has acquired a digital regtech platform from Deloitte UK.
The deal, which will “unite Corlytics’ regulatory monitoring and Deloitte’s policy management”, comes at a time when the volume of regulations facing businesses doubles roughly every three years. The announcement closely follows Verdane’s majority stake investment last month.
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. The Regtech platform platform add breadth and domain expertise to push Corlytics’ capabilities from interpreting regulatory change to mapping policies.
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.
Deloitte UK Partner and Head of RegTech Kent Mackenzie said: “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.”
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.”
