London RegTech Cube is continuing its acquisition spree, buying Thomson Reuters Regulatory Intelligence and Oden products and businesses.
The acquisition of the Thomson Reuters assets comes days after Cube took over New York-based Reg-Room, and follows the January acquisition of AI-driven data capture firm The Hub.
The latest buy out will expand Cube's global customer base to total approximately 1,000 customers, delivering significant scale across many of the world’s leading and systemically important financial institutions
Upon completion, Cube’s global employees will grow to 600, of which close to 250 are qualified regulatory subject matter experts, legal and compliance professionals.
Ben Richmond, founder and CEO of Cube, says: “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.”
Cube itself was acquired from Bregal Milestone in March by European investor Hg, which has committed to expand its global footprint through both organic growth and acquisitions.
Thomas Martin, Hg, says: “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.”
Terms of the Thomson Reuters deal were not disclosed.