Corlytics has purchased the digital regtech platform from Deloitte UK. The Ireland-based financial services software company will use the acquisition to boost its regulatory monitoring expertise.

Corlytics’ CEO, John Byrne, summed up the significance of the acquisition, stating, “This is a transformational acquisition for clients. The RegTech market is growing and evolving fast, and Corlytics is positioned at the forefront. We continue to seek opportunities for sustainable expansion and consolidation, and are thrilled to incorporate this Deloitte UK platform and associated team.”

Founded in 2013, Corlytics is a regulatory risk intelligence firm which works with global regulators, financial institutions and their advisors to provide data and analytics to inform future risk management. Headquartered in Dublin, Corlytics also maintains offices in, London, New York, Boston and Sydney – with more than 50 staff spread across those teams.

Corlytics is currently looking to back innovation in the regulatory sector, and has invested more than €65 million in research and development to date. At a time when the RegTech market is experiencing rapid growth and evolution, Corlytics recently secured backing for these efforts from Verdane – which purchased a majority stake in the firm to help it transform the way compliance is managed across industries.

The addition of Deloitte UK’s regtech platform will significantly enhance Corlytics’ capabilities, extending its reach and domain expertise across Europe and the US – helping Corlytics to further develop its regulatory monitoring and implementation expertise in the process. By integrating Deloitte UK’s platform, Corlytics hopes to offer its clients an even more robust and seamless end-to-end service, from interpreting regulatory changes to mapping policies and controls.

The 17 Deloitte UK employees associated with the platform are also set to join the Corlytics team, ensuring a seamless integration and continued growth.

Cindy Chan, managing partner for risk advisory at Deloitte UK, commented, “Following the approach from Corlytics to buy the platform, we feel that this sale offers the best opportunity for the team to continue to grow the business and develop their careers.”