BusinessForensics was established in 2010 and has built up a leading market position in the Dutch GRC (Governance, Risk & Compliance) sector since then. With its 22 employees, the company provides the comprehensive compliance suite ‘Client Risk Intelligence’ including Know Your Customer (KYC), Anti Money Laundering (AML) and fraud & risk surveillance functionalities to a top tier banking and insurer client base throughout the Netherlands (e.g. Rabobank, Nationale Nederlanden). With BusinessForensics’ ForensicCloud solutions, companies are able to aggregate and monitor client risk in real-time, allowing for early identification of potential criminal activity and prevention of regulatory fines.
The acquisition of BusinessForensics marks the second step in cleversoft‘s buy and build strategy after the combination with the risk and regulatory reporting expert SecondFloor in 2019. The cooperation between the two companies is highly complementary both from a product and customer perspective, as the new solution has already been demanded by numerous existing customers of cleversoft. This acquisition enables cleversoft to significantly strengthen its software suite along the compliance lifecycle by providing increasingly important functionalities to their customers as governmental scrutiny is putting more pressure on financial institutions to comply with KYC/AML regulations. Together with its 140 employees, the new group serves more than 300 customers with an impressive footprint in the DACH and Dutch regulatory compliance markets and expects to reach more than EUR 16m in revenues for 2020.
Florian Clever (CEO & founder of cleversoft) explains the reasoning behind the acquisition: “We are very happy to add the BusinessForensics’ team with its excellent reputation and customer base to our corporate group. The acquisition allows us to further expand our strategic position in Europe while offering a more comprehensive solution to our clients. Together we form a leading player in a market with vast potential going forward, as regulatory compliance has become a pivotal component for all financial institutions.”
Tames Rietdijk (CEO of BusinessForensics) adds: “During the early years of our corporate history, we were able to obtain a market leading position in the Dutch AML/KYC market. We are proud of our customers and the work that we do for them. To be able to fulfill the increasing regulatory demands they are confronted with, we wanted to initiate a cooperation with a larger regulatory compliance software provider and to also ignite further growth outside of the Netherlands. With cleversoft we found a complimentary match that will help us reach these goals by leveraging their organizational maturity, their customer base and provide our solutions in the DACH market. We are very much looking forward to working with the cleversoft team.”
Sven van Berge Henegouwen (Partner Main Capital DACH): “Main Capital supports cleversoft since 2018 and together we follow a buy and build strategy to complement the group’s product offering and expand its client base throughout Europe. We are very enthusiastic about the combination with BusinessForensics as it is a very strategic second step, which creates a unique software offering and a lot of value for the existing and new customer base of all three companies.”
Founded in 2004, the cleversoft group is a leading cloud-based RegTech provider for financial services. The company is headquartered in Munich with offices in Amsterdam, Frankfurt, Nuremberg, Luxembourg and Sofia. cleversoft provides digital solutions to more than 300 financial institutions around the globe to support business processes for regulatory documents, marketing materials, as well as commission payments including regulations like MIFID II, Solvency II, IFRS 17, PRIIPs, IORP.
BusinessForensics B.V, headquartered in The Hague, provides proprietary financial and economic crime prevention solutions to banks, financial institutions and insurance companies since 2010. With its comprehensive compliance suite ‘Client Risk Intelligence’, the company delivers KYC, AML and fraud/risk surveillance functionalities as well as solutions for Special Investigations throughout the Netherlands.
Main Capital is a strategic investor with an exclusive focus on the software sector in the Benelux, DACH and Nordics. Main has a long term horizon around successful partnerships with management teams, with the aim of building larger software groups together. Main has approximately € 1 billion in assets under management for investments in mature and growing software companies.
Main Capital’s current portfolio includes fast-growing software and SaaS software companies such as Exxellence, WoodWing, Alfa, Optimizers, Assessio, GBTEC, Onventis, HYPE Innovation, cleversoft, Enovation, SDB Group, Jobrouter, GOconnectIT, Inergy, KING Software, Artegic, OBI4wan, b+m Informatik, ChainPoint, Sofon and RVC. Successful former companies that have grown significantly under Main’s leadership: Connexys (HR software), Roxit (government software), Axxerion (facility management software), Ymor (APM software), Onguard (credit management software) and TPSC (healthcare GRC software).