London-based RegTech Cube has acquired operational risk AI and technology provider Acin. Financial terms were not disclosed.
Cube says the deal for Acin, which is also based in London, expands its capabilities with a proven regulatory controls data network and full traceability.
The combination is designed to help clients in the financial services sector and adjacent regulated industries to navigate increasingly complex compliance and risk environments - providing an industry-first data driven end-to-end regulatory compliance and risk management platform.
Acin’s AI-based platform enables financial institutions to safely digitise their non-financial risk analysis, using data intelligence and analytic capabilities. The firm has built a network that calibrates control data and facilitates the appropriate sharing of best practice and standards between financial institutions.
Ben Richmond, CEO, Cube, says: “This is a significant step forward in how financial services firms across the globe can take a truly integrated approach to their compliance and risk management."
The deal also signals the beginning of an expanded global industry collaboration led by Cube and supported by Barclays, BNP Paribas, Citi, JP Morgan and Lloyds to accelerate AI innovation, reduce compliance costs and raise industry risk standards.
Cube has been on an acquisition spree over the last 18 months, snapping up Thomson Reuters Regulatory Intelligence and Oden products and businesses, New York-based Reg-Room, and AI-driven data capture firm The Hub.
The firm now serves 1000 customers and has grown its global team to 700 employees across 20 countries. Just last month, it opened its new global headquarters in the City of London and announced a commitment to create another 200 jobs over the next twelve months.