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MyComplianceOffice makes office compliance software for its clients around the world.
Irish-founded regtech company MyComplianceOffice (MCO) has snapped up AI-powered communication monitoring company Fairwords for an undisclosed sum.
MCO, which is headquartered in New York, was founded in 2005 by Brian Fahey who is also the chief executive officer. The company provides risk and compliance technology that allows organisations to address transactional and personal conflicts of interest in a single platform.
In 2022, MCO took the top prize at the Technology Ireland awards, and earlier this year, Fahey was a finalist in the EY Entrepreneur of the Year competition.
MCO was also awarded Best Solution for Regulatory Change Management at the RegTech Insight Awards Europe 2023.
Founded in 2014, Fairwords provides AI-powered electronic communications software that captures digital communications while proactively enforcing policy. It also provides compliance teams with training, analytics and archiving to mitigate communications risks and prevent compliance crises.
Speaking about the acquisition, Fahey said Fairwords offers “a unique solution” to address the challenges around non-compliant communications in highly regulated industries.
“With this acquisition, we will further augment our solution for exceptional integrated surveillance capability across all transactions, employees and third-party entities,” he said. “We are thrilled to welcome Fairwords, its talented team and customers to the MCO family.”
The acquisition will expand MCO’s integrated surveillance platform to include digital communications and enable its customers to ensure compliance in their communications.
Fairwords CEO, Tom Bubeck, said his company’s AI technology is “years ahead of its competitors”.
“Throughout the due diligence process, we concluded that MCO’s dedication and investment in the surveillance space make it the ideal home for our team and clients,” he said. “I have no doubt that our customers will be extremely satisfied with MCO for many years to come.”
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