From Redland Business Solutions to Ideagen: A RegTech timeline
30 March 2021
In June 2019, Ideagen Plc acquired Redland Business Solutions Ltd. Since then, we have been working to fully integrate the business and their RegTech product, Redland Insight, into Ideagen. Now, Redland Insight has become Pentana Compliance and the product has a firm place alongside our Pentana suite of market-leading Audit and Risk software.
How did we reach this point?
To trace the origins of Pentana Compliance, we must first go back twenty years to when this whole story began.
2001: Redland Solutions is founded by Carl Redfern and Joel Turland
Friends since childhood, Carl Redfern and Joel Turland shared a similar career background, having worked for software companies in Business Analysis and Program Management. Naturally, they decided to join forces, combining both their surnames and expertise to establish Redland Business Solutions.
Redland’s beginnings were humble. From an old, converted fire station in Tewkesbury, they supplied Business Management, Software Consultancy, and Training and Compliance services. But it was not long before Carl and Joel decided to develop their own in-house software product.
2006: Redland Insight is created
If their product was going to be a success, Carl and Joel understood that they would need experienced employees who they could trust. Their first employee, John Shephard, was hired, along with other professionals across development, analysis, and sales.
In 2006, Redland Insight was developed. The software provided Training and Competency (T&C) management for financial services firms. With the business growing fast, they waved the old fire station goodbye and relocated to Worcestershire the following year.
2009 – 2012: Redland solutions go from strength to strength
Over the years, Redland Business Solutions gained loyal customers across finance, banking, and insurance, and continued to develop their software. Although they never had any more than around 40 employees, the business was expanding. They won new clients and began to make a name for themselves within the industry.
2014: Carl Redfern makes a discovery
Much of Carl’s time was spent monitoring regulatory publications and attending events, which helped Redland’s software to stay up to date with industry changes and be continually improved. One day in 2014, Carl spotted an opportunity: the FCA was introducing new regulation, the Senior Managers and Certification Regime, and this would likely introduce great challenges for financial services firms. To help these firms meet the FCA’s upcoming deadlines, an SMCR module was developed and added to their software.
2018: Redland software becomes a market leading SMCR solution
Redland’s client base swiftly grew following the development of the SMCR solution. London-based investment management firms now used Redland SMCR software across their businesses to assist them with appraisals, T&C and SMCR. Redland’s success continued and, in 2018, they were the recipient of four industry awards, including Best RegTech Solution.
2019: Ideagen acquires Redland Solutions
This was part of a strategic plan for Ideagen. Acquiring a leading compliance solution for financial service firms would complement our existing Pentana products, so that we could offer a complete suite of solutions for audit, risk and regulatory compliance. Not only would this give organisations effective business assurance, but it would also promote the opportunity for proactive management of accountability and competency in the pursuit of operational excellence for the financial services market.
2020: Enter Pentana Compliance
Redland’s software product, Redland Insight, was rebranded and introduced to our Pentana suite of solutions as Pentana Compliance.
But it wasn’t just Redland Insight that we incorporated into Ideagen – we carried over their people and expertise, too. Remember Redland’s first employee, John Shephard? He joined Ideagen during the acquisition and is still with us today, continuing his work on the product he knows so well as our Development Team Leader and Scrum Master.
By incorporating Redland into our business, we utilised their extensive knowledge while using our global reach to elevate the market-leading software. As a global firm and Top 100 RegTech business, we are able to help even more organisations experience its benefits.
What does the future hold?
Today, Pentana Compliance continues to assist firms in navigating the world of SMCR and T&C. Our software enables them to meet regulatory requirements, raise standards and productivity, and protects them against the risks of non-compliance.
We are excited about the future of Pentana Compliance and are proud to have the Redland Business Solutions software under our wings. If you would like to find out more about the product, explore how Pentana Compliance could support you and your business today.
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