Corlytics acquires ING RegTech platform SparQ
By Gloria Methri
Corlytics has acquired SparQ, a regulatory monitoring platform spun out of ING bank, in a €5 million deal. Developed jointly by ING’s compliance and legal teams, the SparQ tool creates a single repository for all decisions and assessments related to regulatory change.
Corlytics first partnered with ING on SparQ in 2018 and has since provided regulatory information and risk data to 550 users across the bank.
The addition of SparQ to the Corlytics technology stack brings financial services organisations, the ability to identify new regulations or threats, construct robust controls around monitoring and oversight, and ensure appropriate policies are in place, end-to-end.
Corlytics’ CEO, John Byrne, said, “This acquisition is important – both for the financial services industry and Corlytics. SparQ technologies mean that we can close the regulatory compliance and obligations management loop – in a unified platform to automate, deliver and prove compliance. This deal sets the runway for further strategic acquisitions and is a clear signal of our ambitious program of managed growth.”
ING’s Chief Compliance Officer, Rein Graat, said, “In 2017, recognising the increasingly complex regulatory landscape, ING assembled a team of subject matter experts to develop innovative technology and transform regulatory change and policy management. The focus has been on end-2-end process integration, audit trailing, and global standardisation. SparQ has materially contributed to our efforts of demonstrating being in control.”
“Corlytics became a key partner in 2018 and it is fitting that after the global roll-out internally, the next stage of SparQ’s journey will be with the company that can bring its development to the next maturity level of being an industry-wide leading platform. We look forward to collaborating more intensively with Corlytics in this ongoing development.”
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