Dublin-based Corlytics gets new majority owner to spur more acquisitions

The UCD-based regulation technology firm intends to use investment from the Oslo-based private equity fund Verdane to continue acquiring companies

(from left) Sebastian Wintgens, Principal Verdane, John Byrne, CEO Corlytics Ltd and Simon Russell, Chair Corlytics

Adrian Weckler

Dublin-based Corlytics has a new majority owner, with the Norwegian based private equity firm Verdane becoming the new largest shareholder.

The move will see the UCD-based regulatory technology firm, which was founded by John Byrne, “accelerate” its plans to acquire other companies, after buying two firms — ING SparQ and Clausematch — last year.

The deal, the financial terms of which were not disclosed, comes following Verdane’s newly-raised €1.1 billion Edda III Fund. Verdane has €6.9bn in committed capital in tech, and tech-adjacent, businesses.

Corlytics informs, supplies and manages regulatory and compliance processes and technology for large financial and technology firms. It says that its client base includes 14 of the top 50 global banks, as well as multinational insurers, re-insurers, payment providers and investment managers. These include ING, BNY Mellon, ScotiaBank and SwissRe.

“Corlytics has successfully progressed in developing new products to further improve our value proposition to Tier 1 clients globally,” said John Byrne, Corlytics founder and CEO.

“This investment from Verdane ensures the continued growing market leadership for Corlytics. We look forward to partnering with the Verdane team and with their experience and expertise, we expect to accelerate organic growth and augment that with M&A activity. As well as investing significantly in our intelligent content offering, combining data, software and AI, we will continue to lead the RegTech sector consolidation with more complementary acquisitions, following our recent transactions with Clausematch and ING SparQ.”

The company claims to have 60pc annual growth since 2020.

“This is a centrepiece majority investment from our newly raised €1.1 billion Edda III Fund and we are thrilled that John and Corlytics chose to partner with Verdane against very strong market interest in the business,” said Nils Vold, partner at Verdane.

“We are an active and experienced investor in the RegTech sector and we identified Corlytics as the global category leader in its field, helping banks and financial services companies manage their compliance obligations in a complex and fast-changing environment.”