Corlytics has acquired SparQ, a regulatory monitoring platform spun out of ING, in a €5 million aggregate deal.
Developed jointly by ING's compliance and legal teams, the SparQ tool creates a single repository storing all decisions and assessments related to regulatory change.
Corlytics has partnered with ING on SparQ since 2018, providing regulatory information and risk data to 550 users across the bank.
ING’s chief compliance officer, Rein Graat, says: “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.”
The addition of SparQ to the Corlytics technology stack brings 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, says: “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.”