CUBE Global (“CUBE”), a global leader in Automated Regulatory Intelligence (“ARI”), announced a strategic growth investment from Bregal Milestone (“Milestone”), a leading technology growth capital firm with c. €1.2 billion of capital raised dedicated to investments in high-growth, market defining technology companies.
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The investment marks the first institutional capital investment for CUBE. Serving a number of the world’s largest financial institutions, CUBE will leverage the investment to deepen product capabilities for customers, fuel further international expansion, and accelerate overall growth both organically and through acquisition.
As global regulations continue to rapidly evolve, compliance departments – particularly within larger financial institutions – are finding it increasingly difficult to clearly identify applicable requirements and their impact across multiple lines of business, jurisdictions, products, and services. Given large financial institutions are now spending between 10-15% of their operating costs on regulatory compliance each year and fines are in the billions, immediate action is needed.
CUBE’s ARI RegPlatform transforms complex regulatory change management and compliance processes, enabling compliance teams to significantly cut existing costs and move highly skilled individuals up the value chain whilst also reducing risk. By capturing changing or emerging regulations and using AI to automatically enrich and map them to customers’ policies, procedures, and controls, CUBE’s solutions mean firms are alerted to regulations that matter to them instantly. Therefore, freeing up compliance departments to focus on preventing non-compliance and ensuring good governance practices.
Philippe Lautenberg, Co-Founder and Managing Partner at Bregal Milestone, commented: “We are highly enthusiastic to partner with CUBE for this next phase of growth. As a founder-led, category-leading Regulatory Technology (“RegTech”) business, benefiting from powerful regulatory tailwinds and market momentum, we believe CUBE is an innovation leader, and one of Europe’s most exciting high growth technology companies. We look forward to working with Ben and his ambitious team to further develop their business and drive growth.”
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CUBE Founder & CEO, Ben Richmond, added: “Raising this level of investment in the current market from such a high quality growth capital investor is a significant validation of both our market position and vision. Given the current macro environment, customers across financial services and beyond will want to partner with providers that have a strong track record and a clear vision with the ability to execute – now is the right time for us to bring in a strategic partner.”
“We are building for the long term to ensure both our customers and their stakeholder’s success. Milestone is a strategic partner for CUBE who share our vision to be the category defining RegTech leader. Our customers can be confident in CUBE being with them every step of the way in delivering on their regulatory compliance strategy.”
This strategic growth investment from Milestone will support CUBE’s next phase of expansion by leveraging both the growth firm’s extensive experience in scaling global technology companies and its in-house value creation team, Milestone Performance Partners. In addition, the firm expects to provide ongoing support for CUBE’s further geographical expansion and to extend CUBE’s technology edge for further organic growth.
CUBE’s advisors on the investment included; Investec Bank Plc, who led the advisory, Taylor Wessing LLP for legal and Buzzacott LLP for financial and tax.
Milestone’s advisors on the investment included; ICAG Partners for commercial due diligence, Alvarez and Marsal’s (A&M) for both financial and tax due diligence, Endava Private Equity Group for technology due diligence, Deloitte’s Mid-market M&A Tax team for the transaction structuring, as well as Goodwin for the legal work. Terms of the investment were not disclosed.
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