Risk intelligence firm Corlytics has acquired ING’s SparQ spin-out in a deal worth about $5.5 million that will combine the companies’ offerings into a single RegTech platform.
“This acquisition is important – both for the financial services industry and Corlytics,” Corlytics CEO John Byrne said in a news release. “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 program of managed growth.”
Global banking behemoth ING has created several carve-outs from its portfolio in recent years, with SparQ joining spin-offs Stemly and Pyctor.
