PwC spins out financial data business LIKEZERO

PwC has spun out its proprietary financial data capture technology business to create new company LIKEZERO.

The professional services giant has spun the company out as part of a management
buy-out backed by Souter Investments, a private equity focussed family investment office and Manfield Partners Limited.

PwC has spun out its proprietary financial data capture technology business to create new company LIKEZERO.

The professional services giant has spun the company out as part of a management
buy-out backed by Souter Investments, a private equity focussed family investment office and Manfield Partners Limited.

The independent company LIKEZERO provides next generation intelligent data capture technology for the financial services industry to give institutions more effective insight into their counterparty risk profile, PwC said in a statement.

The company’s technology helps banks, financial institutions and other regulated businesses analyse and extract insight and data from within their client contracts, enabling and enhancing their risk management and contract governance, transformation and remediation activities.

LIKEZERO enables the automated capture of complex data and then uses proprietary data mining and matching techniques to provide a scalable process for any document type, which operates more quickly and with reduced need for human review.

Established in 2016, LIKEZERO, grew rapidly within PwC under the leadership of Michael Lines, now the company’s chief executive, under the name of eBAM.

LIKEZERO now counts some of the world’s largest financial institutions among its blue-chip client base and will continue to supply its technology to the PwC global network and its other partners.

The Company has also established strategic partnerships with data processing players such as AcadiaSoft and IHS Markit.

Michael Lines, chief executive of LIKEZERO, said: “In today’s highly complex, unpredictable and regulated world, the ability for financial institutions to understand and manage their counterparty risk has become a critical function.

“Events such as Brexit, the cessation of Libor and the implementation of new regulations such as the new margin rules for uncleared over-the-counter derivatives, or indeed the impact of a global pandemic, all make the assessment of risk increasingly challenging.”

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