BearingPoint RegTech has signed an agreement to purchase global tech firm Vizor Software for an undisclosed fee and subject to regulatory approvals.
According to Vizor, the combination of Vizor and BearingPoint follows a ‘clear strategic rationale’ as the two companies complement each other with their portfolio.
Vizor also cited the fact that both companies have a strong track record within the regulatory and supervisory technology markets – meaning the coming together of the two companies will create a ‘RegTech and SupTech powerhouse’.
BearingPoint and Vizor combined serve over 7,000 companies including insurance firms, financial services providers and banks and also support over 50 regulators and tax authorities in collecting and analysing data from 34,000 firms across 60 countries.
Vizor stated that both companies also serve complementary geographies. Currently, Vizor provides for customers in Africa, Australia, Asia, the Middle East and Canada, while BearingPoint serves the regions of Germany, Austria, Switzerland, Benelux, Ireland, the UK and the Nordic region.
The acquisition will see the current management team at Vizor remain and work alongside the BearingPoint RegTech team.
BearingPoint RegTech CEO Jürgen Lux said, “The deal with Vizor is an important milestone in RegTech’s development. It demonstrates that we are growing strongly as a stand-alone company since Nordic Capital came onboard as our new owner late last year.
“Both Vizor and RegTech have over 20 years of history, are market leaders with our RegTech and SupTech solutions, and complement each other perfectly in terms of products, markets, and customers. As a combined company, we will develop a strategy for further, sustainable growth to fulfill our shared mission: to contribute to the transparency and stability of the financial markets with our solutions.”
Vizor Software CEO Conor Crowley added, “Since we founded Vizor over 20 years ago, we have made the company a renowned technology provider for central banks, regulators and tax authorities around the world. Vizor’s decision to join forces with RegTech is crucial for the further development and international growth of our company.
“We look forward to opening a new chapter together with RegTech not only in the history of our company, but also in the field of RegTech and SupTech.”
Copyright © 2021 RegTech Analyst
Copyright © 2018 RegTech Analyst