Plenitude Consulting acquires Contineo to deliver AI-powered solutions

22 May 2024 Consultancy.uk 3 min. read
Profile
More news on

Financial crime advisory firm Plenitude Consulting has purchased technical advisory provider Contineo. The move will enable Plenitude to offer AI-powered solutions to combat financial crime and mitigate risk. 

Alan Paterson, founder and CEO of Plenitude said, “Plenitude has grown organically over the last 12 years, and we always wanted to ensure that any company joining the Plenitude journey had a brilliant culture and reputation for first class delivery. Contineo’s reputation and deep technical advisory capability is impressive. The decision to bring the businesses together felt absolutely right from a strategic standpoint, enabling us to meet the evolving needs of our clients and accelerating the build out of our tech advisory and data analytics practice.”

Founded in 2012, Plenitude focuses on addressing the legal, regulatory, reputational and social imperative risks for financial institutions, helping clients take diligent and rigorous steps to mitigate financial crime dangers. In July 2022, the firm received a landmark investment from Growth Capital Partners, which it is using to support the building out of new capabilities and offerings.

Plenitude Consulting acquires Contineo to deliver AI-powered solutions

To that end, the deal to acquire Contineo – which is Plenitude’s first ever acquisition – adds a number of specialist services to Plenitude’s offering. Combined with Plentitude’s pre-existing insights into a wide range of FCC laws, regulations, guidance and risk indicators, Contineo’s capabilities at designing, selecting and implementing new technologies, will enable the single entity to offer effective management of financial crime risk and overall cost reduction looking ahead.

Founded in 2017, Contineo serves clients across the UK, US, Europe and UAE, and over a broad range of sectors. In particular, its acquisition will support Plenitude’s ambition to be the leading specialist tech advisor and implementation partner for innovative AI-enabled FCC technology solutions, deploying machine learning, automation and cutting-edge data analytics, in order to drive more efficient and effective financial crime risk management for their clients.

All of Contineo’s current employees will be retained as part of the deal. This will boost Plenitude’s headcount by 20%.

Munir Merchant, founder and CEO at Contineo added, “Contineo and Plenitude have similar beginnings, a common culture, and complementary advisory capabilities which made joining forces a very compelling proposition.  Plenitude’s growth story is impressive, they have a fantastic reputation and we are excited to leverage all of the benefits that come from the wider group and capabilities they offer. We are looking forward to delivering on the ambition to be the leading specialist tech advisor and implementation partner for innovative AI-enabled FCC technology solutions.”

Plenitude was named one of the UK’s leading consulting firms for risk & compliance services by Consultancy.uk’s 2023 industry rankings. The firm works with a wide array of financial institutions including retail, commercial and investment banks, insurance companies and asset management firms across UK, Germany, France, Nordics and the EU.