Corlytics, the Dublin-based financial tech firm, has bought a digital RegTech system from Deloitte UK for a sum that was not disclosed. This purchase is a pivotal step for Corlytics in enhancing their supervision and application of regulations, especially after they acquired a significant stake in the Irish firm through funding from Verdane. Being a specialist in regulatory risk intelligence, Corlytics views this transaction as a game-changer that will not only solidify its expertise but also broaden its reach within Europe and the US.
John Byrne, CEO at Corlytics, sees this acquisition as a landmark moment for their clients. Given the rapid and dynamic expansion of the RegTech sector, Corlytics is strategically positioned at the cutting edge. John Byrne further confirmed their objective to set a new benchmark in the way compliance is managed, far surpassing only intelligent data solutions. He expressed great joy at the prospect of incorporating this platform from Deloitte UK as well as their team.
As part of this transition, Kent Mackenzie, Deloitte UK Partner and head of RegTech, will assume the role of chief operating officer at Corlytics. The platform’s entire team of 17 personnel will also join Corlytics. Cindy Chan, the managing partner for risk advisory at Deloitte UK, spoke about how proud they were of building the platform cumulatively over eight years, and acknowledged Corlytics’ purchase proposal as the best chance for their team to continue growing the business and advancing their careers.
In an effort to establish itself as a global RegTech aggregator, Corlytics made acquisitions of Clausematch and ING’s SparQ in the previous year. To keep pace with the booming RegTech market, the company is driven to consistently innovate and invest in research and development, with a spend of more than €65 million till date. Predictions suggest a brisk growth rate of 23.6% per annum for the global market from now until 2032.