Australian software company IRESS has backed Lucsan to expand the RegTech and data analytics firm abroad.
Lucsan is an Australian-owned RegTech and data analytics company providing technology solutions to a wide range of companies, including Australia’s major banks.
Founded in 1999 by Harold Lucero, who is also a member of the RegTech Association, the company’s vision is to help financial institutions reduce the ongoing cost of compliance and implement improved practices.
IRESS’s strategic equity investment will accelerate the application of RegTech in the financial services landscape, supporting Lucsan’s focus on expanding its business in Australia and into international markets.
Andrew Walsh, IRESS CEO, said in order to meet increasing supervision and compliance obligations “sophisticated and integrated software is required to control and limit events proactively.
“It’s important to combine large, different and complex data sets that help to monitor activity and meet reporting needs”, he added.
Lucsan has a strong track record in risk and data analytics within financial services and is well poised to build on its current market position with its existing and additional RegTech solutions.”
Founded in 1993, IRESS claims to be one of Australia’s largest providers and exporters of technology for the financial services industry.
Back in September 2016, IRESS purchased Financial Synergy, a superannuation software provider, for a total cash purchase price of up to $90m.
Earlier this year, research from FinTechGlobal found that RegTech investments in Q1 more than doubled YoY, with an interest in compliance software picking up.
Copyright © 2017 FinTech Global