Regulatory data automation specialist Cube has acquired The Hub, a provider of artificial intelligence solutions for capturing and monitoring unstructured regulatory data. Cube plans to integrate The Hub’s technology with its own RegPlatform to allow clients to automate their regulatory compliance processes.
The acquisition aims to address what Cube has identified as financial firms’ growing need for more effective ways to monitor their obligations, as global regulatory complexity increases, while at the same time predicting and mitigating compliance risk. By helping clients transform manual processes and base their strategies on automated solutions, Cube reckons it can aid in reducing risk and compliance operating costs.
Cube’s RegPlatform transforms complex regulatory change management and compliance processes, enabling compliance teams to reduce costs and allow clients to move highly skilled individuals up the value chain while also reducing risk. By capturing changing or emerging regulations and using AI to automatically enrich and map them to customers’ policies, procedures, and controls. Cube’s solutions alert firms are alerted to regulations that matter to them instantly, thereby freeing up compliance departments to focus on preventing non-compliance and ensuring good governance practices.
Founded by Juned Jable and Jon Anthony in 2015, The Hub provides AI-driven web data capture and monitoring solutions to support compliance and regulatory requirements. Working with legal, financial, and pharmaceutical firms and RegTech providers across the globe, The Hub applies artificial intelligence techniques to huge volumes of unstructured data from across the web with core competencies that include topic-based classifications, relevance calculations, article versioning, indexing and data analysis tools, which enable streamlined delivery of new or updated regulatory content.
The acquisition follows Cube’s recent strategic growth investment from Bregal Milestone, which will be used to the company’s next phase of growth for further geographical expansion and to extend Cube’s technology edge.
According to Cube founder and CEO Ben Richmond, the acquisition of The Hub marks the first in what is expected to be a number of acquisitions for Cube as a consolidator of regulatory compliance focused firms and technologies.
“The Hub’s team and solutions are best in class and represent many synergies with CUBE’s own capabilities,” he says. “The current macro environment creates uncertainties for newer, less proven market entrants so it is ever more important that customers can be confident in selecting the right partner to support their long-term regulatory compliance strategy. Cube’s vision and proven track record as the category-defining RegTech leader for ARI and strategic provider of choice to the world’s most highly regulated institutions, gives customers assurance that Cube is here to partner with them in the long term.”
Hub co-founder and CEO Jable added: “We are excited by this next phase in our journey. We have partnered with Cube for some time and see this as a natural next step in more closely aligning both firms’ AI-driven regulatory technology.”
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