Cork-based Compliance & Risks to create up to 100 jobs after US buyout    

Expansion plan for company with offices in Buffalo, Brussels, and London which helps firms navigate complex regulation regimes

Barrister Damien McGovern founded Compliance & Risks after he discovered the complexity facing firms that need to comply with national and international regulations. 

Cork-based Compliance & Risks — which helps businesses navigate complex regulations and standards to sell products and services around the world — has been bought by US private equity firm Luminate Capital Partners, which will likely lead to it hiring 70 to 100 jobs over the next two years, the Irish Examiner understands. 

Founded by Damien McGovern in 2002 and run by chief executive Joe Skulski, Compliance & Risks operates a huge database of product regulations, standards, and requirements that companies need to help sell their products and services globally. 

“This announcement is a huge milestone for the organisation,” Mr Skulski said.

Our new investors are placing a significant vote of confidence in our vision, our people and our technology. 

David Ulrich, who is a partner at the new investor Luminate, said the range of regulations facing firms in doing business is likely to increase further. Compliance & Risks said its large client list already includes Bose, Tesla, Vaillant, Unisys, Samsung, and Fujitsu. From its Cork head offices, it also runs offices in Buffalo, Brussels, and London.

Firm adapted to the Covid crisis

“Compliance & Risks has the most comprehensive and effective solution addressing this key problem,” Luminate said. 

Compliance & Risks has also tapped global business during the Covid crisis, as companies looked to make and sell medical devices, hand sanitisers, and masks into new markets for the first time. It was able to advise companies on the requirements of getting their products to market. 

Mr McGovern was a barrister who was working with Deloitte in Brussels when he realised the complexities facing firms in meeting standards to comply with national and international regulations and went on to set up Compliance & Risks.

According to the Luminate website, the US private equity firm is investing from its latest fund. "As a result, we underwrite scalable growth and do not believe that cost reduction leads to value creation," it says. 

Luminate already backs a number of firms that provide regulatory advice.