Cleversoft acquires FS Assist to expand RegTech

By Milan Rojan

Cleversoft has agreed to acquire UK-based regulatory reporting specialist FS Assist, as the RegTech provider has sought to expand its supervisory reporting business and strengthen its presence in the UK insurance market.

The definitive agreement has been signed with the transaction expected to close later this month, subject to customary closing conditions. Financial terms have not been disclosed.

FS Assist has developed regulatory reporting software for insurers and pension providers, with its solutions used by approximately 350 insurance companies across the UK and Europe. Its offering has included reporting tools covering Solvency II, IORP and Lloyd’s syndicate requirements.

Cleversoft has said the acquisition will strengthen its Supervisory Reporting business and enable FS Assist customers to access a broader portfolio covering financial crime prevention, financial messaging and digital compliance.

Florian Clever, Founder and CEO of Cleversoft, said: “FS Assist has built an impressive reputation based on deep regulatory expertise, long-standing customer relationships and exceptional service quality.”

Following completion, Cleversoft has planned to combine the businesses while retaining the FS Assist team. The companies have said the integration will focus on sharing expertise, strengthening customer support and expanding regulatory reporting capabilities for insurers.

The acquisition has marked another step in Cleversoft’s European expansion strategy. The Munich-based company has also acquired Austrian FinTech FAIT this year, alongside previous acquisitions of Dutch financial crime specialist BusinessForensics and AML software provider Fineksus.

The deal has highlighted continued consolidation in the European RegTech market as financial institutions have faced increasingly complex regulatory reporting requirements across jurisdictions.