With the acquisition of Acin, Cube has reached a new milestone in its mission to help financial institutions more easily manage the complex rules that govern their business. A specialist in automated regulatory compliance since 2011, Cube has joined forces with an expert in operational risk. Their common goal is to offer a unique platform that will enable banks and financial players to better understand and compare risks, based on artificial intelligence. This will enable each player to situate themselves in relation to their peers, identify their weaknesses and improve their practices without compromising confidentiality.
This acquisition also marks the start of a major collaborative initiative spearheaded by Cube, with the support of leading banks such as Barclays, BNP Paribas and J.P. Morgan. By pooling their know-how, these players aim to develop common standards and shared tools to reduce compliance costs, while enhancing security and transparency in the sector. "This is a major step towards a truly integrated approach to compliance and risk management for financial services players worldwide. Since Cube was founded fifteen years ago, we have demonstrated our ability to transform compliance. This acquisition allows us to go one step further by connecting the first and second lines of defense through a unified platform, harnessing the full potential of AI," comments Ben Richmond, founder and CEO of Cube.
Cube more than doubled its sales in one year, and now has 1,000 customers worldwide, and 700 employees in 20 countries. The acquisition of Acin is part of a very active acquisition policy, following those of Thomson Reuters Regulatory Intelligence, Oden and RegRoom in 2024.
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