Bain Capital makes second-round investment in Regulatory DataCorp
05 June 2009 | 2354 views | 0
Source: Regulatory DataCorp
Wilmington-based compliance and risk mitigation leader Regulatory DataCorp (RDC) today announced the completion of a second round of funding from Bain Capital Ventures, one of the world's leading private investment firms. Terms of the investment were not disclosed. RDC will use the funds to further improve and expand availability of its compliance and risk mitigation products and services, including its popular GRID™ database.
With more than seven million records, GRID™ is the largest and fastest growing risk-related, public-source database in the world. Information in GRID™ is used by financial service companies and others to ensure compliance with the USA PATRIOT Act, anti-money laundering laws and other regulations, and to mitigate financial and reputation risk. Working with experienced regulators, law enforcement experts and others, RDC built GRID™ for public and private customers who require timely access to public source data. Data in GRID™ is organized into 43 risk codes, including money laundering, bank fraud, terrorism, narcotics trafficking, organized crime, environmental and human rights violations, embargoes and sanctions.
This second round of funding for RDC follows the first tranche, also from Bain Capital, which was made in July, 2007.
"As this second investment suggests, Bain Capital Ventures remains confident in RDC's technology and leadership," said Bain Capital Ventures Managing Director Jeffrey Schwartz. "Demand for superior risk mitigation data is large and growing. With GRID™, RDC offers the best-in-class, most comprehensive risk-relevant database in the world. We are excited to be part of this success story and we are eager to collaborate with RDC to expand their operations in markets around the world."
Commenting on Bain Capital's investment, Mark A. Parsells, RDC Chairman & Chief Executive Officer, said, "Our relationship with Bain Capital is about much more than funding. Bain brings extraordinary talent and experience to the table. They are a critical partner in helping RDC realize its vision of becoming the global leader in risk mitigation and regulatory compliance. We look forward to working closely with Bain for many years to come."