MoneyMate — best known as a supplier of market data to domestic and international funds — has been bought out by a US funds group for just over €25m to tap the growing demand for regulatory services around the world.
As part of the acquisition, the management team of MoneyMate, led by long-serving chief executive Paul Fawsitt, has invested in a new international group of companies called Compliance Solutions Strategies, which has been set up by US-based CIP Capital.
Mr Fawsitt said that, in recent years, MoneyMate had been doing more and more work for funds and insurance funds which face what he described as a “tsunami” of regulations to comply with EU law and Central Bank rules.
The firm had expanded into regulatory services alongside its traditional area of supplying data management services to financial firms.
CIP Capital had made the approach with the idea of bringing together the with two other international firms involved in regulatory services.
It is understood that CIP Capital paid between €25m and €30m for MoneyMate, which is jointly-owned by the management team and outside investors.
The acquisition of MoneyMate, which plans to focus on winning clients and expanding in Europe, includes its subsidiary units Accudelta, Silverfinch, and Longboat Analytics.
Ireland already is one of the largest centres for funds management in Europe.
In a press release, CIP Capital said that, along with MoneyMate and two other companies — Advise Technologies and Ascendant Compliance Management — it had created what it described as a leading financial regulatory services company, Compliance Solutions Strategies.
As well as its offices in Dublin, Compliance Solutions Strategies will have a presence in the US, London, Paris, and Amsterdam.
“This highly strategic combination of three leading organisations will result in a global platform that leverages software across a broad range of solutions to enable clients in the financial services industry to meet mandatory regulatory and compliance requirements,” CIP Capital said.
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