Cosegic acquires UK compliance business of Waystone
Cosegic, a consulting firm specialising in compliance services, has acquired the UK business of Waystone. The deal comes a year after Cosegic took on new funding from MML Capital.
Initially formed from the merger of Portman Compliance and Compliancy Services, the brand Cosegic debuted in 2023. The firm initially specialised in financial services compliance work, with a team of more than 60 professionals, and over 800 clients around the world.
A year later, Ethos Partners – the private equity firm investing in the growth of the former Compliancy Services – announced it has signed an agreement for the sale of Cosegic to MML Capital. The fresh backing from the international mid-market private equity firm enabled Cosegic to look to a new campaign of acquisitions, to drive future growth.
The latest development related to this is the transfer for the UK-based compliance solutions business of Waystone to Cosegic, marking the next step in strengthening our role as the compliance partner to the world’s most competitive organisations.
Waystone is a global provider of institutional governance, administration, risk and compliance services to the asset management industry. Following a strategic review, the firm decided the time was right to part with its UK compliance solutions business, and identified Cosegic as the right long-term home for the unit.
The transfer brings the same experienced team and the firms they support into Cosegic’s growing business, ensuring full continuity of service and a seamless transition for all. Supported through MyCosegic, Cosegic’s digital compliance and learning management platform.
Ben Cook, Group CEO Cosegic, commented, “This marks our shared commitment to regulatory excellence. Firms can expect the same trusted expertise, strengthened by the scale, technology and insight that define Cosegic.”
Coegic Chair Martin Smith added, “I am pleased to announce our first Cosegic acquisition. Welcome to the Waystone UK Compliance team; Carwyn Evans, Donna Riches, Alice Rainer-Guy and Sristee Chaudhuri.”
MML Capital has invested in a number of European consulting firms in recent years. In 2023, it concluded a deal for Benelux machine-learning company MIcompany, as the company sought to become a European market leader in AI services. It had previously also taken a minority stake in Zanders, an international finance consultancy firm.
