Sebastian McKinlay and Stephen Findlay, partner and vice president for Fidelity Equity Partners, respectively, have joined the companyâs board of directors.
Complinet, founded in 1997, is headquartered in London and is unique in the financial services industry. It currently services over 1,200 companies, including approximately 80 percent of the worldâs leading financial services firms, such as Morgan Stanley, UBS, Edward Jones, and Royal Bank of Scotland. The companyâs solutions combine deep regulatory insight with innovative technology that provide timely information, analysis and risk management services to more than 100,000 compliance and legal professionals across 81 countries.
The funds will be used to help enhance Complinetâs product offering and build out its international presence. The company will also seek to further expand, either organically or through acquisition, into financial services sub-sectors. Fidelityâs investment also enables some of Complinetâs long standing shareholders to get liquidity for a portion of their holding.
âWith Fidelity Equity Partners as our new investment partner, we are in an excellent position to take advantage of our experience and technical leadership in the online regulatory solutions marketplace,â said Chris Pilling, CEO of Complinet. âThe timing for this investment is right, given the rapidly growing demand for regulatory and compliance solutions from financial services companies. Through its relationship with Fidelity Investments, Fidelity Equity Partners is the ideal investment partner to accelerate our market leadership and enable us to scale the business to the next level.â
âThe global marketplace for regulatory and compliance solutions is growing quickly,â said McKinlay. âIn fact, in 2007, risk technology expenditures alone were estimated to be $5.9 billion and grow 7 percent per year.
âComplinet is extremely well-positioned to leverage the significant investment it has made to date in its solution suite and global service offering to take advantage of this opportunity,â McKinlay added. âAs a market leading, high growth and international service company Complinet represents a perfect example of the types of business Fidelity Equity Partners was established to invest in and support. We are excited to partner with Chris and the entire Complinet management team.â
The shareholders of Complinet were advised by the van Tulleken Company.