Visor, an Irish software company that develops regulatory software, was acquired in a multi-million euro deal.
the buyer is BearingPoint RegTech, which was acquired by a well-known multinational consulting firm Nordic Capital at the end of last year. The deal for Vizor represents the first deal since its acquisition.
Founded in 2000, Vizor provides software that allows companies to be supervised by a supervisory authority, such as a central bank, financial regulator or tax authority.
Headquartered in Sandyford, Co Dublin, and with 100 employees, Vizor technology is trusted by 30 financial regulators worldwide. Its client base also includes 19 tax authorities and 30 financial institutions.
“Vizor’s decision to join forces with RegTech is crucial to the development and international growth of our company,” he said. Conor Crowley, the company’s chief executive.
No financial details about the deal were released. The latest publicly available accounts for Vizor show that it posted sales of €13.45 million and profits before tax of €2.7 million in 2019, against revenues of €8.6 million and a loss of €2 million a year before.
RegTech, founded in Frankfurt over 25 years ago, has products that are used by over 6,000 reporting companies. The company employs 630 people and recorded revenues of around €100 million last year.
“The agreement with Vizor is an important milestone in RegTech’s development. This demonstrates that we have been growing strongly as an independent company since Nordic Capital came on board as our new owner late last year,” said Jürgen Lux, chief executive of BearingPoint RegTech.
“Both Vizor and RegTech have over 20 years of history, are market leaders with our RegTech and SupTech solutions and complement each other perfectly in terms of products, markets and customers,” he added.