Verdane investment in Dublin regtech Corlytics will set the Irish firm up for success in the evolving regtech space.
The Bank of Ireland Kernel Capital Growth Fund has disposed of the majority of its interest in portfolio company Corlytics to Verdane, a Norwegian private equity firm, for an undisclosed sum.
Dublin-based Corlytics specialises in risk intelligence, analytics, compliance, and monitoring services for the legal and auditing sectors.
“Verdane is an ideal partner enabling Corlytics expand its operations in Dublin and consolidate its position as one of the world’s leading global regtech software consolidators”
Verdane has acquired 80% of the equity of the company with the balance being retained by The Bank of Ireland Kernel Capital Growth Fund, Infinity Capital, the executive team and others.
The deal is a cornerstone investment from Verdane’s newly raised €1.1bn Edda III Fund.
Return on investment
“We are delighted to see a strong return on investment for all our shareholders and in particular The Bank of Ireland Kernel Capital Funds which have been long term strategic and financial supporters of the Company,” said John Byrne, founder and CEO of Corlytics.
“They provided our very first investment of €100,000 in 2014 and subsequently invested a total of €4.95m, with their most recent investment being September 2023.”
Verdane recognise Corlytics, whose clients include ING, BNY Mellon and ScotiaBank, as a category leader and regtech industry consolidator.
“We are excited to partner with Corlytics and look forward to leveraging our expertise in helping European software leaders to grow, both organically and through strategic acquisitions, as well as bringing our international industry networks to help Corlytics continue to thrive and succeed as it expands globally,” said Sebastian Wintgens, principal, Verdane.
The Bank of Ireland Kernel Capital Venture Funds are supported by Bank of Ireland, Enterprise Ireland, Invest NI, New York State Pension Fund / 57 stars, University of Limerick Foundation and Galway University Foundation.
This is a great result demonstrating how an initial seed investment became the catalyst for substantial growth and inward investment,” said Ger Goold, partner with Kernel Capital.
“Verdane is an ideal partner enabling Corlytics expand its operations in Dublin and consolidate its position as one of the world’s leading global regtech software consolidators.”
Main image at top: Ger Goold, Kernel Capital. David Mountjoy, Bank of Ireland; John Byrne, Corlytics and Leo McAdams, Enterprise Ireland at the announcement of the Bank of Ireland Kernel Capital Funds initial investment in Corlytics in 2014
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