Corlytics acquires regulatory lifecycle platform ING SparQ in €5m deal
Irish regtech firm Corlytics has acquired SparQ, a platform spun out from Dutch banking heavyweight ING built to help financial firms identify and implement external regulation, in a €5 million aggregate deal.
Corlytics acquires ING spin-off SparQ
Corlytics hopes the integration of SparQ’s tech will enable it to create a unified “monitoring to policy” regtech platform that digitalises the regulatory change lifecycle.
The combined platform will support dynamic risk management, “closing the automation loop across the regulatory change lifecycle”, Corlytics says, and will update and enforce internal policies and controls in real time.
Firms leveraging the platform’s capabilities will be able to identify new regulations or threats, construct “robust” controls around monitoring and oversight, and ensure appropriate policies are in place “end-to-end”.
Corlytics’ CEO John Byrne says the deal “sets the runway for further strategic acquisitions and is a clear signal of our ambitious program of managed growth”.
ING chief compliance officer Rein Graat says ING, facing an “increasingly complex regulatory landscape”, began working on SparQ in 2017 with a focus on end-to-end process integration, audit trailing, and global standardisation.
Graat adds that Corlytics “became a key partner in 2018 and it is fitting that, after the global roll-out internally, the next stage of SparQ’s journey will be with the company that can bring its development to the next maturity level”.
