Bloomberg acquires global regulatory reporting software provider startup RegTek Solutions
Bloomberg, a global business and financial information and news leader, has acquired RegTek Solutions (RegTek), a NYC and London, UK-based provider of global regulatory reporting software solutions. The amount of the deal was not disclosed. The acquisition will expand the range of regulatory reporting services offered by Bloomberg, and deliver a fully integrated and comprehensive service that supports compliance with current and upcoming regulatory reporting requirements across multiple jurisdictions around the world.
Founded just two years ago by Brian Lynch as a software spin-out from Risk Focus Inc, a leading consulting firm for capital markets that delivers custom solutions and DevOps advisory services. In August 2017, RegTek received a Series A funding from the Deutsche Börse and Illuminate Financial Management which allowed itto scale its operations and build a client base that includes G16 Banks. RegTek Solutions has raised a total of $5 million in funding over 1 round. This was a Series A round raised on Sep 6, 2017.
As part of the acquisition agreement, RegTek, which provides modular software solutions built around actionable regulatory intelligence, will be integrated with Bloomberg’s Regulatory Reporting Hub (RHUB), as well as Bloomberg’s enterprise data management and trading systems. The acquisition will bring together the expertise of both firms to deliver a systematic and robust offering, combining Bloomberg data enrichment and reporting capabilities with RegTek.Solutions’ quality and control tools across a broad range of global reporting jurisdictions.
Clients will have access to a fully electronic reporting workflow including transaction reporting eligibility, data validation, enrichment and reconciliation, to help them maximize accuracy and completeness in their reporting obligations.
“The combination of RegTek.Solutions with Bloomberg RHUB allows us to substantially expand our regulatory reporting coverage, and offer quality and control tools to help our clients effectively meet the wide range of global reporting requirements,” said Alejandro Perez, Global Head of Post-Trade Solutions at Bloomberg. “As regulations become more complex, buy- and sell-side firms are looking for providers who can help them address requirements across various jurisdictions, with the necessary workflows and data structure that allows firms to maximize overall accuracy and completeness in their regulatory processes.”
Brian Lynch at RegTek.Solutions said, “RegTek has built an award winning product and impressive, tier-1 client base. Combining our solutions with the strength and scale of Bloomberg’s RHUB services, as well as access to their market data, enterprise data management, analytics and enrichment capabilities will allow us to offer the cross jurisdictional, cross asset solutions that our clients demand. We can now continue to deliver sustainable compliance at a scale that will have a fundamental market impact.”