Cork-based Compliance & Risks, which provides product compliance software-as-a-service solutions, has been taken over by private equity firm Luminate Capital Partners, according to sources.

It is understood the investment from Luminate Capital Partners will lead to the creation of 70-100 jobs over the next two years.

Compliance & Risks monitors product regulations and standards across the world to help companies ensure they are compliant in the countries they are operating in and they can get their product to market.

The company’s clients include audio equipment company Bose, Tesla, Vaillant, Samsung and Fujitsu.

“Typically, our customers are very big brands that everybody knows. We have about 230 companies now,” Damien McGovern, founder of Compliance & Risks, said.

“They are selling their products everywhere in the world, so we are monitoring the regulations and the standards everywhere they are selling.”

Mr McGovern said customers are facing a “fairly dramatic” increase in the volume of regulation and standards that they are required to comply with.

“The old tools that they used and the old methods that they used to do that are just no longer good enough,” he said.

“We have built this compliance knowledge management platform that enables [firms] not only to do the tracking globally of all the regulations and standards, but also capture their corporate memory around ‘is this relevant for us? What do we need to do? And do we have evidence that we’ve complied?’” 

The management of Compliance & Risks will remain with the company. Mr McGovern will remain on as strategic adviser to the board.

Currently the company employs around 110 staff. With the new investment the firm plans to increase its headcount and grow from there.

Compliance & Risks has a presence in the United States, Brussels and London.

“We are thrilled to partner with the entire Compliance & Risks team,” said Luminate managing partner Hollie Haynes.

Focus Capital Partners provided M&A advisory services toCompliance & Risks and legal advice was provided by RDJ and Nixon Peabody. McCann Fitzgerald and Kirkland & Ellis provided legal advice to Luminate.