- Acquisition Announcement:
- Cube, a UK-based regtech firm, has acquired the Regulatory Intelligence and Oden products and businesses of Thomson Reuters.
- Terms of the transaction have not been disclosed.
- Strategic Significance:
- Described as a “major step forward” in Cube’s growth plans.
- The acquisition will expand Cube’s range of regulatory intelligence and regulatory change services.
- Impact on Customer Base and Workforce:
- Cube’s global customer base is expected to grow to approximately 1,000 clients across various sectors such as payments, banking, insurance, and asset and investment management.
- Cube’s global workforce will increase to around 600 employees.
- Capabilities and Services:
- Regulatory Intelligence tracks and analyzes regulatory changes from 2,000 regulatory bodies across 20 countries.
- Oden provides automated solutions for compliance with state rules and regulations on personal and business insurance in the US.
- Statements and Vision:
- Ben Richmond, founder and CEO of Cube, highlighted that combining Cube’s AI with Thomson Reuters’ curated content will accelerate innovation and deliver enhanced regulatory transformation capabilities.
- Company Background:
- Founded in 2011 and based in London, Cube specializes in a regulatory AI engine and tech platform that monitors and evaluates laws, rules, and regulations across multiple countries and languages.
- Previous Acquisitions:
- The acquisition continues Cube’s strategy after it acquired The Hub, another regtech firm, in January last year
