AI-powered regtech Cube acquires global regulatory intelligence enterprises from Thomson Reuters
In a continuation of its acquisition streak, UK-based regtech firm Cube has purchased the Regulatory Intelligence and Oden products and businesses of Thomson Reuters.
Cube acquires Thomson Reuters’ regtech units for undisclosed sum
The transaction, the terms of which have not been undisclosed, is described as a “major step forward” in the firm’s “growth plans”.
Through this acquisition, Cube claims that it will deliver an “expanded and comprehensive” array of “specialised regulatory intelligence and regulatory change services”, aiming to “set a new bar for the industry in regulatory automation”.
Moreover, Cube’s existing global customer base is set to grow to approximately 1,000 clients across various sectors, including payments, banking, insurance, and asset and investment management, while its global workforce is projected to increase to around 600 employees.
Regulatory Intelligence’s solution serves financial institutions by tracking and analysing regulatory changes within 2,000 regulatory bodies across 20 countries. Conversely, Oden provides a suite of automated solutions designed to ensure compliance with “state rules and regulations on the provisioning of personal and business insurance in the US”.
Offering remarks on the new agreement, Ben Richmond, founder and CEO of Cube, states: “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.”
Founded in 2011 and based in London, Cube’s regulatory AI engine and tech platform solution monitors and evaluates laws, rules and regulations multiple countries and languages, creating an “always up-to-date regulatory footprint”.
Its purchase of the Thomson Reuters business units this week signals the continuation of its acquisition strategy, after it snapped up fellow regtech The Hub in January last year.
