Munich based cleversoft group has bought fellow RegTech solution provider SecondFloor.
cleversoft was founded in 2004 and aims to support global banks, asset managers and insurers to tackle regulatory challenges under regimes such as PRIIPs, MiFID II, PIB, FIDLEG and AML.
The company’s majority shareholder Main Capital first invested in the business late last year, as cleversoft aimed to become a leading RegTech player in the European market. Main was also the primary source of funding for the new deal and was already a minority shareholder in SecondFloor.
SecondFloor is based in Amsterdam and provides risk and regulatory reporting solutions to address requirements brought about by the introduction of Solvency II, IORP II, FTK and IFRS 17.
The combined company will create a European SaaS-focused RegTech with more than 100 employees. Together, the companies will continue cleversoft’s buy-and-build strategy, while the current SecondFloor management and staff will remain in their positions.
Cleversoft CEO & founder Florian Clever said, “We are excited to join forces with the extraordinary team from SecondFloor. We have been impressed by the deep regulatory understanding, the customer base and its loyalty as well as the customer-driven approach to developing new services.
“Moving forward we see in particular benefits by leveraging the synergies of the SecondFloor product suite and cleversoft solutions such as FactsheetsLIVE to seamlessly extend the value propositions for both our existing and new clients.”
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