Regulatory reporting solutions provider Regnology’s definitive agreement to acquire Invoke, a France-based supplier of financial, regulatory, and tax reporting solutions for supervisory authorities and reporting entities, marks the fifth acquisition in less than a year for the company, which was spun out of BearingPoint in 2021. The aggressive acquisition programme is aimed at offering a comprehensive set of regulatory and supervisory solutions to banks, statistical agencies, and other financial institutions globally.
Invoke provides XBRL-based banking, insurance and tax reporting solutions. Invoke’s SaaS solutions as well as its specialist knowledge of XBRL and inline XBRL technologies, helps national and supranational supervisory authorities, banks, insurers and corporations comply with national and European regulatory requirements, including CRD V, Solvency II and ESEF.
Invoke’s corporate tax offering will complement Regnology’s financial tax reporting solution and open a new growth area. The company, based in Paris, has more than 160 employees, and serves over 1,800 regulated entities and supervisory authorities throughout Europe.
According to Regnology CEO Rob Mackay, “The round of recent deals we have undertaken, culminating with [Invoke], sets Regnology on an accelerated path for growth internationally. Invoke’s advanced solutions would complement our technology stack while its team’s deep knowledge of the French and Luxembourg markets, in particular, would strengthen our ability to deliver superior RegTech and tax reporting solutions on a wider scale.”
“Regnology shares the same entrepreneurial vision and innovation focus ISAI Expansion and Sagard NewGen had when they acquired Invoke in 2021,” says Raphael de Talhouet, CEO of Invoke. “Our regulatory and tax expertise, local knowledge, and advanced solutions would be a natural fit for Regnology, and we believe a combination would offer amazing growth opportunities.”
“The proposed acquisition of Invoke would bring Regnology closer than ever to realizing our vision of providing the global community of regulators and regulated financial institutions with best-in-class, end-to-end solutions that can solve regulatory complexity with better data quality and unlock unprecedented efficiencies,” added Mackay.
The Invoke purchase agreement follows Regnology’s acquisition of UK-based statistical SDMX reporting specialist Metadata Technology earlier this month. This strategic deal was preceded by the purchase of KPMG’s K-Helix reporting software business unit and the acquisition of Brussels-based reporting specialist b-fine in November 2022. In June 2022, Regnology announced a deal to acquire PwC UK’s Tax Information Reporting (TIR) software business.
Regnology was formed in 2021 when BearingPoint RegTech, a unit of BearingPoint Group, joined forces with Vizor Software, a provider of regulatory and supervisory technology. “Combined with our organic growth, our M&A activity over the past 12 months continues to supercharge our business, significantly accelerating our international expansion and consolidating our RegTech and SupTech offering into a powerful integrated regulatory reporting platform,” says Bobby Rahman, Head of M&A for Regnology.
The acquisition is subject to further due diligence and conditions including information and consultation with Invoke’s works council, agreeing and executing any definitive agreement.
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