Davies, a professional services and technology firm, has boosted its technology offering and accelerated into the regulatory technology market by acquiring Worksmart.
Milton Keynes-based Worksmart claims to be the number one regulatory technology (RegTech) provider for complaints management and feedback in the Lloyd’s market, with its proprietary platform ‘Foundation’ being the go-to solution for training and competence needs within the banking and wealth management sectors and its software as a service (SaaS) solution ‘Accord’ being the only purpose-built SM&CR tech available in the UK. Additionally, it partners with financial services organisations across insurance, banking, investment, and consumer credit to help them manage the growing complexity of operating within a highly regulated space.
The acquisition will see Worksmart join Davies’s established technology unit led by Davies CEO Mark Grocott. Regarding its people, Worksmart managing director Andy Nightingale will continue to lead the business, and all its employees will keep their roles within Davies.
Commenting on the acquisition, Nightingale said: “I’m very pleased Worksmart is becoming part of Davies, which has a shared focus on innovation and digital transformation to help financial services firms make the most of increasing complexities in regulated markets.”
Davies group CEO Dan Saulter said Worksmart’s Foundation and Accord platforms would enable the firm to bring a new and exciting market-leading regtech offering to more than 1,000 clients globally.
“I’m thrilled to welcome Andy and the whole Worksmart team to Davies. The business has an excellent track record of helping financial services and insurance firms strengthen their security and compliance through innovative technology platforms,” he said.
“The growing complexity in the UK regulatory market creates a burden for businesses operating in highly regulated markets. The pace of change in the UK regulatory landscape is quickening, and sophisticated regtech platforms will be essential for regulated entities who want to make the most of the opportunities the changing regulatory landscape brings.”
The deal with Worksmart follows the acquisition of property claims services provider Building Validation Solutions Group (BVS Group) and actuarial and consulting business Merlinos & Associates.
