Corlytics, a leading provider of regulatory technology solutions, has recently acquired Clausematch, aiming to establish a global regtech powerhouse.
With the purchase, there are now 80 clients altogether, including 14 of the top 50 banks in the world. Additionally, it will include both teams’ unique AI classification, tagging, and mapping methods.
Evgeny Likhoded, the creator and CEO of Clausematch, now serves as president of Corlytics as a result of the agreement.
He will be in charge of overseeing the range of Corlytics’ portfolio of solutions and making sure Corlytics can function as a strategic partner in addressing clients’ regulatory technology concerns.
John Byrne, the founder and CEO of Corlytics, will lead the expanded group’s vision, growth plan, and profitability in the meanwhile.
The agreement comes after Corlytics bought ING SparQ in January 2023 to facilitate digitalization throughout the regulatory change lifecycle.
This agreement, which is “Corlytics’ second acquisition of the year, marks a new milestone in the growth journey of our platform,” according to Byrne. “We are delighted to welcome Evgeny Likhoded as our new president and to include Clausematch in our next phase of expansion. The benefits are evident, especially within our shared customer base because Clausematch has established itself as a leader in worldwide regtech.
“We look forward to bringing the regtech industry to the next level of maturity — providing a one-stop-shop regtech solution that meets and exceeds evolving regulatory needs.”
Clausematch founder Likhoded said he was “incredibly proud to join forces with Corlytics on the next stage of our journey” after becoming frustrated with the shortcomings of existing compliance and legal solutions.
“Regulatory content integration into our platform has long been a request from our clients,” he said. We will drive a revamped compliance operating model, unlock new value for our prized clients, and redefine the regtech environment by merging and accelerating our products and client connections.
Our clients will be able to demonstrate to the regulator how a regulatory change is evaluated, implemented, and communicated internally through the integrated solutions, and they will be able to offer compliance attestations in a single platform. It is a novel solution that does not currently exist and will alter how financial services companies handle compliance.