LONDON, May 17, 2024 /PRNewswire/ -- CUBE, a global
leader in Automated Regulatory Intelligence (ARI) and Regulatory
Change Management (RCM), announces today its acquisition of
the Thomson Reuters Regulatory Intelligence and Oden products and
businesses.
The acquisition of these global businesses represents a major
step forward in CUBE's growth plans. It will deliver significant
scale across many of the world's leading and systemically important
financial institutions. CUBE's existing global customer base will
be expanded to total approximately 1,000 customers in banking,
insurance, asset and investment management, payments and adjacent
regulated industries.
CUBE's global employees will expand to 600, of which close to
250 are highly qualified regulatory subject matter experts, legal
and compliance professionals.
Ben Richmond, founder and CEO
of CUBE said: "Thomson Reuters is known to be the biggest and
best in the industry for providing regulatory expert analysis and
subject matter expertise, alongside world-leading journalism and
news. The combination of CUBE's purpose-built AI, with the years of
content curated by Thomson Reuters Regulatory Intelligence and Oden
expert analysts, will accelerate innovation. Together, we will
deliver regulatory transformation capabilities for our global
customers that could only have been imagined before."
Richmond continues: "This combination will provide
tremendous scale and depth across CUBE's regulatory content and
technology. It is a significant step toward creating an
industry-defining regulatory compliance and risk platform that will
benefit all customers and elevate the industry as a whole."
Through this acquisition, CUBE will provide an expanded and
comprehensive selection of specialized regulatory intelligence and
regulatory change services, committed to excellence, quality, and
highly contextualised and meaningful regulatory content for
customers. By combining cutting-edge technology and subject matter
expertise at scale CUBE will set a new bar for the industry in
regulatory automation and content.
Chris Maguire, General
Manager, Risk and Fraud, Corporates, Thomson Reuters said: "It
was clear to us that CUBE had established itself as a leading
regulatory intelligence provider for global enterprise clients in
the financial services and insurance sectors. We wanted to ensure
our customers and employees could work with an organisation that
would continue to innovate and significantly invest in solutions
like Thomson Reuters Regulatory Intelligence and Oden. We are
working tirelessly to ensure a seamless and value-enhancing
transition for customers and employees, and we are looking forward
to working with the CUBE team during this transition."
Christopher Fielding, Hg,
said: "We're delighted to further extend our market reach,
bringing in two high quality and complementary global businesses to
the CUBE platform."
Thomas Martin, Hg, added:
"We see these acquisitions as enabling further innovation in the
regulatory intelligence and change management sector, leading to
strengthened demand for these quality solutions across the
globe."
The terms of the transaction will not be disclosed.
About CUBE
CUBE provides a highly comprehensive and robust source of
classified, and meaningful AI-driven regulatory data to power its
Automated Regulatory Intelligence (ARI) and Regulatory Change
Management (RCM) solutions. CUBE's purpose-built regulatory
technology including its AI engine (RegBrain) and software platform
(RegPlatform) tracks, analyses, and monitors laws, rules, and
regulations in every country and in every published language to
create an always up-to-date regulatory footprint that transforms
visibility and compliance capability for customers across the
globe.
With operations across Europe,
North America, Canada, Asia,
and Australia, CUBE serves a
diverse and global base of customers and partners including the
largest financial institutions in the world who leverage CUBE's
platform to streamline their complex regulatory intelligence and
change management processes.
Following the strategic partnership with Hg in March 2024, CUBE announced the acquisition of
US-based Reg-Room in May
2024.
About Hg
Hg supports the building of sector-leading enterprises that
supply businesses with critical software applications or workflow
services, delivering a more automated workplace for their
customers.
This industry is characterised by digitisation trends that are
in early stages of adoption and are set to transform the workplace
for professionals over decades to come. Hg's support combines deep
end-market knowledge with world class operational resources,
together providing compelling support to entrepreneurial leaders
looking to scale their business – businesses that are well
invested, enduring and serve their customers well.
With a vast European network and strong presence across
North America, Hg's 400 employees
and around $70 billion in funds under
management support a portfolio of around 50 businesses, worth over
$140 billion aggregate enterprise
value, with over 110,000 employees, consistently growing revenues
at more than 20%.
About Regulatory Intelligence
Regulatory Intelligence is a proactive, connected, and
comprehensive solution that tracks and analyses regulatory changes
within ~2,000 regulatory bodies and rulebooks for more than 20
countries. It enables banking, financial services, and insurance
(BFSI) sectors to manage exposure to operational, regulatory, and
compliance risk.
About Oden
Oden State Rules and Regulations (SR&R), Oden Policy
Terminator/Sentry PT, and OdenTrack provide repositories and
automated solutions for complying with state rules and regulations
on the provisioning of Personal and Business Insurance in the
US.
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