PwC spins out independent data capture firm LIKEZERO

By Sunniva Kolostyak

PwC, the auditor giant, has spun out its proprietary intelligent data capture technology to launch LIKEZERO in a management buyout, creating an independent business for counterparty risk profiles.

LIKEZERO, which was backed in the buyout by Souter Investments, the private equity focussed family investment office and Manfield Partners Limited, provides next-generation intelligent data capture technology for the financial services industry.

It helps banks, financial institutions and regulated businesses with deeper, more effective insight into their counterparty risk profile.

Growing rapidly within PwC under the name eBAM, the now-independent firm counts some of the world’s largest financial institutions among its blue-chip client base – but it will continue to supply its technology to the PwC global network and its other partners.

LIKEZERO analyses and extracts insight and data from within client contracts, enabling and enhancing their risk management and contract governance, transformation, and remediation activities.

It also enables the automated capture of complex data and uses data mining and matching techniques to provide a scalable process for any document type, which operates more quickly and with reduced need for human review.

Michael Lines, Chief Executive of LIKEZERO, said: “This is a hugely exciting moment for our business. In today’s highly complex, unpredictable and regulated world, the ability for financial institutions to understand and manage their counterparty risk has become a critical function. Events such as Brexit, the cessation of Libor and the implementation of new regulations such as the new margin rules for uncleared over-the-counter derivatives, or indeed the impact of a global pandemic, all make the assessment of risk increasingly challenging. I’m convinced that our proprietary software and expertise is the best in the market and there lies the opportunity for us.”

“I would like to thank PwC for all their support and investment over the last four years and look forward to working closely with the team at Souter Investments, PwC and all our partners and clients to deliver on our and their ambitions.”

LIKEZERO has also established strategic partnerships with data processing players such as AcadiaSoft and IHS Markit.

John Berthinussen, Investment Director at Souter Investments also commented: “When speaking to LIKEZERO’s partners and clients we have consistently heard that the company presents a strong combination of proven technology supported by an experienced team of innovative, entrepreneurial and highly skilled professionals who understand the challenges facing the world’s financial institutions.”