Corlytics acquired SparQ, a regulatory monitoring platform spun off from ING.
The cost of the acquisition of the platform amounted to 5 million euros.
Developed by ING’s regulatory compliance teams and legal teams, SparQ is a single repository of all decisions and assessments related to the legal regulation of banks’ activities.
Corlytics started collaborating with ING in SparQ in 2018. At that time, the interaction concerned providing users with information about the regulatory framework and risks associated with the activities of financial organizations.
ING Compliance Director Rein Graat said that the new level of interaction with Corlytics involves more extensive activities and will allow the company to develop more actively.
The inclusion of SparQ in the Corlytics technology stack provides an opportunity to more quickly update information about the current regulatory framework and more effectively identify potential risks. The cooperation will also create tools for monitoring changes in the set of rules governing the activities of banks.
Corlytics CEO John Byrne stated that SparQ technologies will allow his company to close the cycle of compliance management and obligations on a single platform for automation, provision, and confirmation of compliance. He called the deal the basis for further strategic acquisitions and a signal of an ambitious program of managed growth.
Corlytics was founded in 2013 in Dublin. The company currently has offices in London, New York, Boston, and Sydney. Corlytics uses analytics to assess the impact of regulation. The company’s services include regulatory monitoring, taxonomy mapping, and regulatory advisory services. In 2016, the firm obtained a €1 million investment round through the Bank of Ireland Seed and Early Stage Fund, which is managed by Kernel Capital, with co-investors Enterprise Ireland, Angel Investors, and company founders.
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