Law firm Pinsent Masons has sold its Scottish technology subsidiary to Dow Jones, the business and finance information group owned by News Corp.
Cerico provides end-to-end technology and digital compliance tools for international businesses, supporting anti-corruption programmes. Cerico’s cloud-based platforms enable businesses to assess risk and conduct due diligence on potential clients, vendors and other third parties, in addition to tracking activity and approval processes. Cerico’s platform already integrates Dow Jones Risk & Compliance data for screening and ongoing monitoring.
Post-acquisition, Cerico’s product will become part of Dow Jones’s workflow application, which is designed to provide a complete solution to assess, investigate and monitor third party risk for customers. Pinsent Masons will continue to provide the legal content for the compliance software and offer consultancy support following the acquisition.
Cerico was founded in Glasgow in 2013 as a joint venture with IT consultancy Campbell Nash. Pinsent Masons acquired control of the business in 2015. The value of the acquisition has not been disclosed.
Richard Foley, a senior partner at Pinsent Masons, said: “As the business has moved toward its next phase of growth, it has been clear that it will need to integrate with a wider range of business and financial data to support the full range of client need. In that respect Dow Jones is the perfect partner.”
Chris Lloyd, head of professional information business at Dow Jones, said: “Cerico is a best-in-class, end-to-end compliance and regulatory solution that is an excellent fit for Dow Jones as we move further into offering fully integrated solutions for our clients.”