Corlytics will acquire ING SparQ to promote digitisation across the regulatory value chain.
Developed initially within ING from 2017, the SparQ solution aims to improve the efficiency of regulatory change and policy management within organisations.
Corlytics has worked with ING as a partner on the project since 2018 and currently supports more than 550 ING users with regulatory information and risk data across compliance, risk, regulatory affairs and legal.
Rein Graat, ING’s chief compliance officer, says, “In 2017, recognising the increasingly complex regulatory landscape, ING assembled a team of subject matter experts to develop innovative technology and transform regulatory change and policy management.
“The focus has been on end-2-end process integration, audit trailing, and global standardisation. SparQ has materially contributed to our efforts of demonstrating being in control.
“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.”
Corlytics’ CEO, John Byrne, says, “This acquisition is important – both for the financial services industry and Corlytics. 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 programme of managed growth,” concludes Byrne.
