RegTech Cube has acquired AI-driven data capture firm The Hub, the first of a planned series of acquisitions to drive consolidation in the market for regulatory technology.
Born out of the 2008 financial crisis, Cube covers 5,000 issuing bodies in 180 jurisdictions to help financial institutions streamline their complex regulatory change management and compliance processes.
The firm picked up an investment from Bregal Milestone in Autumn with the aim of extending its geographical reach and augmenting its platform with bolt-on complementary market partners.
While Cube majors in classified market intelligence from issuing authorities, The Hub captures and analyses unstructured data across the regulatory internet, and uses topic-based classifications, relevance calculations, article versioning, indexing and data analysis tools to deliver new or updated regulatory content to financial firms.
Cube founder & CEO, Ben Richmond, comments: “The current macro environment creates uncertainties for newer, less proven market entrants so it is ever more important that customers can be confident in selecting the right partner to support their long term regulatory compliance strategy.
“The acquisition of The Hub marks the first in what is expected to be a number of purposeful acquisitions for Cube as a consolidator of regulatory compliance focused firms and technologies in what is a highly fragmented RegTech market.”