Education provider Kaplan has acquired Red Marker, a technology company specialising in regulatory software.
Prior to the acquisition, Kaplan Professional has been working with Red Marker to develop a machine-learning based compliance tool called Artemis, Kaplan said, which will detect “risky” content in promotional material and other client messaging before it’s issued.
Kaplan Australia and New Zealand managing director Rob Regan said the acquisition would expand the company’s financial services compliance toolkit and help support financial advisers.
“By enabling advisers to confidently embrace compliance, it will allow them to continually increase their knowledge in a reportable manner,” he said.
“Adding Red Marker to the Kaplan portfolio will accelerate the development of personalised and adaptive learning engines in the financial services sector.”
The terms of the acquisition were not disclosed, however Kaplan said that Red Marker’s principals and staff would “continue with the business”.
Earlier this year, Treasurer Scott Morrison told members of the G20 conference in Germany that regulatory technology, or ‘RegTech’, would play a key role in the future of Australia’s financial services sector.
“The benefits of these new technologies are relevant to government and financial regulators, and we cannot afford to ignore the technological innovations being embraced by the financial sector,” he said.