Belgian regtech provider RiskConcile has acquired Substance over Form (SOF), a London-based specialist in regulatory reporting solutions for investors in private and alternative markets.
The transaction marks the company’s third add-on acquisition since partnering with private equity firm Main Capital Partners in July 2024 and aligns with its international buy-and-build strategy.
Last year, RiskConcile acquired London-based Fitz Partners, a specialist in fund fee and cost data, in September, and B4Finance, a Paris-based specialist in digital investor onboarding and fund-subscription software, in December.
Founded in 2014, SOF combines regulatory expertise with proprietary software to deliver recurring reporting under frameworks such as Solvency II and SFDR.
The company employs 13 people and serves more than 140 institutional clients globally, including GPs, LPs and service providers active in alternative investments.
The acquisition expands RiskConcile’s capabilities in reporting for illiquid asset classes and supports its ambition to offer a fully integrated cross-asset reporting suite to asset managers and institutional investors.
The deal further strengthens RiskConcile’s presence in the UK while adding a client base with a strong footprint in the DACH region. Together with earlier transactions, the group is consolidating its position across Europe’s key fund markets.
SOF founder Jegor Tokarevich will join RiskConcile as co-CEO alongside Jan De Spiegeleer, reflecting the strategic importance of the transaction. Management views the combination as a step toward building a leading pan-European provider of regulatory and reporting solutions for the asset management industry.
For Main Capital Partners, the acquisition highlights the continued focus on scaling a regulatory technology platform through targeted M&A. With operations spanning Belgium, Paris and London, the group is positioned to pursue further acquisitions and deliver integrated compliance and reporting solutions to its client base.
