RegTech company Corlytics has made its second acquisition of the year by acquiring compliance mapping provider Clausematch. This follows the recent acquisition of SparQ, a regulatory monitoring platform that spun out from ING, in a €5 million deal finalized in January.
The expanded Corlytics Group now aims to cover the entire regulatory management value chain, which includes regulatory monitoring, change management, policy management, and attestation for global Tier 1 institutions.
Clausematch serves over 180,000 users and lists several Tier 1 banks in North America and Europe, including Barclays, among its clients. The company’s software platform enables organizations to collaborate, create, manage, and review various compliance documents in real time, complete with an audit trail and live insights.
With this acquisition, the total number of clients rises to 80, including 14 of the world’s top 50 banks. Evgeny Likhoded, founder and CEO of Clausematch, will assume the newly created role of president at Corlytics.
Likhoded expressed enthusiasm about the acquisition, stating, “Our clients have been asking for the integration of regulatory content into our platform for a long time. By combining and accelerating our products and client relationships, our clients will be able to demonstrate to regulators how a regulatory change is assessed, implemented, and communicated internally, while providing compliance attestations all from a single platform. It’s a first-of-its-kind offering that doesn’t currently exist, and it will transform how financial services firms manage compliance.”
Clausematch raised $10 million in funding last June, bringing its total funding to $20 million. Financial terms of the latest deal have not been disclosed.