London-based RegTech Cube has acquired Acin, a provider of operational risk AI and technology. Financial terms of the deal have not been disclosed.
Cube stated that this acquisition enhances its capabilities by integrating a proven regulatory controls data network with full traceability. This move is intended to assist clients in the financial services sector and related regulated industries in managing the complexities of compliance and risk, offering a comprehensive, data-driven platform for regulatory compliance and risk management.
Acin’s AI-based platform enables financial institutions to efficiently digitize their non-financial risk analysis, leveraging data intelligence and analytics. The firm has developed a network that calibrates control data and promotes the sharing of best practices and standards among financial institutions.
Ben Richmond, CEO of Cube, remarked, “This is a significant step forward in how financial services firms globally can adopt a truly integrated approach to their compliance and risk management.”
The acquisition also marks the beginning of a broader global collaboration led by Cube, with support from major banks like Barclays, BNP Paribas, Citi, JP Morgan, and Lloyds, aimed at accelerating AI innovation, reducing compliance costs, and enhancing industry risk standards.
Over the past 18 months, Cube has actively pursued acquisitions, including Thomson Reuters Regulatory Intelligence, Oden, New York-based Reg-Room, and AI-driven data capture firm The Hub.
Currently, Cube serves 1,000 customers and has expanded its global team to 700 employees across 20 countries. Recently, it opened its new global headquarters in the City of London and plans to create an additional 200 jobs over the next year.