If we are to look at common patterns between all the major sectors across the board, we would see that literally all of them have a history of struggling against regulation and compliance at some point. Now, this is not to say that these industries are indulging in something unethical per se. Instead, their struggle has been largely influenced by the nature of these regulations and obligations. Over the years, there have been numerous complaints about certain regulations being hard to understand, and thus comply with. This would then lead to disruption of the operations, and the whole purpose of compliance would be lost. Everyone expected such a scenario to never occur again when technology entered the governance, risk, and compliance fold. The companies now had an assortment of tools that were good enough to make the whole process easy for them, but adding technology turned out to be just accepting a different batch of issues from the ones that were in place before. Nevertheless, instead of giving up the new approach altogether, the world decided to invest in an even better version of technology, and that would end up paying huge dividends down the line. Today, we are at a place where things like using data for better compliance and relying on AI for automated procedures is the norm for any industry. As a next step, we are now aiming to make the existing system more comprehensive, and the work to get there is already underway.
Mitratech, the leading provider of legal and compliance software, recently announced that they have acquired Alyne, a pioneer of digital governance, risk management, and compliance. This move is largely motivated by the growing need of intelligent solutions that can facilitate cross-disciplinary integration. To further contextualize the acquisition, by adding Alyne’s ability to use artificial intelligence for connecting corporate legal and compliance functions, Mitratech has made its intentions of creating a holistic compliance system known to everyone. Furthermore, the instant impact of this move would see Mitratech customers now able to accelerate time to value through cutting-edge AI, mitigate risks in real-time, get explicit risk impacts, and cut back on detrimental factors like complexity and costs.
When asked about the cultural fit with Mitratech, this is what Alyne’s CEO, Karl Viertal had to say:
“We are thrilled to be joining the Mitratech suite of products. This is a case of the right alignment at the right time. Adding Alyne to Mitratech’s portfolio addresses a very real and pressing need for a holistic, cloud-based operational platform that allows users to oversee all legal and compliance risk.”
This is Mitratech’s third acquisition of the year, which provides us with enough evidence to believe that the company is harboring real ambitions to revolutionize the compliance industry.