Nordic Capital acquires RegTech from BearingPoint
European private equity firm Nordic Capital has acquired BearingPoint’s RegTech brand, a provider of regulatory reporting technology.
Nordic Capital plans to underpin RegTech “next phase of innovation” through investment and product development support.
The private equity firm wants RegTech to expand its international footprint and enhance its “organisational capacity”.
The current RegTech management team will remain and work “in close partnership” with Nordic Capital.
BearingPoint will continue to serve as a strategic consulting partner for Nordic Capital. It will retain a minority stake in RegTech.
“We are very impressed by [RegTech’s] market position, its platform and its potential for further expansion,” says Fredrik Näslund, head of technology and payments for Nordic Capital Advisors.
Jürgen Lux, CEO of RegTech, says the new ownership will support development and benefit customers.
He adds: “We have used the past two years to establish the autonomy of the RegTech business within the BearingPoint Group.
“Together with Nordic Capital, we have formed an ambitious growth agenda and will continue to invest in our proven, reliable, and forward-looking software.”
RegTech claims that 6,000 banks, reporting firms, insurance companies, and supervisory authorities use its systems.
It provides the Abacus regulatory reporting platform, available in a variety of forms to different industry segments.
The vendor has won deals with Rabobank, Union Investment Group, Revolut, and Volkswagen Bank in recent times.
The firm has 17 offices across ten countries with a total workforce of approximately 630 employees. It predicts revenues of around €100 million in 2020.
RegTech is Nordic Capital’s second technology investment in 2020, following an acquisition of Siteimprove in September.
Related: Swedish financial regulator picks BearingPoint to boost data analysis