The acquisition brings the combined clients to 80, including 14 Tier-1 banks such as Barclays and ING, plus insurers such as SCOR and regulators including FINRA.
This latest addition to the Corlytics family positions the newly formed Group as a global pacesetter. Further ambitious growth is planned over the next two years with the global RegTech market estimated to grow at CAGR of 53%.
Corlytics’ proven intelligent regulations and regulatory data, now combined with the Clausematch capability of creating and maintaining intelligent regulatory documents and policies, marks a breakthrough for the RegTech industry.
The expanded Corlytics Group offering manages the entire regulatory management value chain from regulatory monitoring, regulatory change management, policy management and attestation. The Group operates at global Tier 1 organisations including ING, Barclays and SwissRe.
Plugged directly into international regulators, Corlytics is the only solution that enables clients to align with, and stay ahead of, regulatory demands, which now include growing levels of proof of compliance.
Clausematch founder and CEO Evgeny Likhoded will take up the newly created position of President of Corlytics. Likhoded will be responsible for ensuring that Corlytics can act as a strategic partner to solving clients’ regulatory technology issues.
Meanwhile, John Byrne will be driving the vision for growth, strategy and profitability of the Group.
Clausematch’s founder and CEO Evgeny Likhoded said, “Clausematch was built out of frustration at the inadequacy of existing legacy and incumbent solutions on offer for compliance and legal departments. The value of our offering was quickly recognised, and Clausematch has since become a market leader in the new generation of policy management and compliance software.”
Corlytics’ CEO, John Byrne, added, “Corlytics’ second acquisition of the year, this deal marks a new milestone in continuing the managed growth journey of our platform.
Byrne continued: “Clausematch has a proven track record as a global RegTech leader, and the synergies are undeniable especially amongst our customer bases. Clausematch will continue its ongoing work with existing clients and extend our reach to 14 of the top 50 global banks.”
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