FundApps, a provider of compliance monitoring and regulatory reporting solutions for the global financial services industry, and SteelEye, a trade and communications surveillance and data analytics platform, have entered into a definitive agreement to merge.
FundApps investor FTV Capital offered an additional equity investment in order to combine the two RegTech providers and generate a single, end-to-end compliance solution for clients across the buy side and sell side.
Together, FundApps and SteelEye will build a unified platform that assists financial institutions in navigating compliance through bringing together surveillance, monitoring, reporting, and analytics to provide visibility and control throughout the regulatory lifecycle.
Through the merger, the entity will deliver a suite of solutions that assist clients in managing complex regulatory obligations offering automation, transparency, and unified control.
Andrew Patrick White, founder and CEO of FundApps, comments. “This is a transformative step for our clients and the RegTech industry. By bringing together complementary strengths in reporting, monitoring, and surveillance, we are building a single platform that addresses the full compliance lifecycle and unlocks new capabilities for our clients.
“While many providers rely on multiple, loosely connected systems, we are creating a unified ecosystem that simplifies regulatory complexity at scale and delivers the end-to-end capability the market has been asking for - all from one trusted partner.”
Matt Smith, founder and CEO of SteelEye, adds: “We are incredibly excited about the merger. FundApps and SteelEye share a common vision to empower financial institutions through data-driven innovation.
“By merging our teams, technology, and expertise, we are creating a RegTech powerhouse with the depth and breadth to meet the evolving needs of our clients on a global scale.”
The combined organisation will act for 350 clients including banks, asset managers, hedge funds, and commodities firms across 18 countries, with a combined annual recurring revenue of nearly £50 million.
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