Corlytics, a Dublin, Ireland-based provider of financial services, acquired ING SparQ, an Amsterdam, Netherlands-based provider of software solution for financial services organizations.
The amount of the deal was €5m in aggregate.
The addition of SparQ to the Corlytics technology stack brings financial services organisations, the ability to identify new regulations or threats, construct controls around monitoring and oversight, and ensure appropriate policies are in place, end-to-end.
Spun out from ING, SparQ provides a software solution to identify and implement external regulation efficiently within financial services organisations which is in line with ING’s strategy of staying safe and secure. Development has been led jointly by ING Compliance and Legal, before moving to production and global roll-out. Corlytics has partnered with ING on SparQ since 2018.
Today, Corlytics, via SparQ, supports ING businesses globally with regulatory information and risk data to 550 ING users across the bank, including Risk, Compliance, Finance, Regulatory Affairs and Legal Departments. Corlytics also directly supports ING quality assurance with around 20% efficiency gains.
Founded in 2013 and led by CEO John Byrne, Corlytics provides assurance on regulatory changes to compliance, risk, legal and audit teams globally. It operates as a strategic partner to banks and financial institutions globally and combines innovative technology with data science, deep legal and industry expertise. Powered by a team of talented data experts, its data repository enables firms to plan and prioritize compliance and monitoring activities and determine exposure to regulatory risk. The complex regulatory information is visualised within practical and interactive dashboards.
FinSMEs
25/01/2023