Pinsent Masons takes majority stake in compliance Venture Cerico
Pinsent Masons has announced that it has taken a majority stake in Cerico, the cloud-based compliance platform which it launched in conjunction with IT developer Campbell Nash two years ago.
Cerico automates many of the compliance processes that businesses need as a result of legislation such as the Bribery Act 2010 and the Health and Safety at Work Act 1974.
The platform enables businesses to ensure that their suppliers and service providers undergo a thorough and regular compliance due diligence process in a quick, cost effective and auditable way.
Pinsent Masons will take a majority stake in the joint venture from 1 August. As part of the move Pinsent Masons partner Richard Masters will become executive chairman of Cerico and all residual rights in the technology will transfer to Pinsent Masons.
Mr Masters said: “This is a really exciting challenge and something I’m very much looking forward to.
“We have been in start-up mode over the past 24 months, and during that time have seen real and sustained demand for a solution which takes the heavy lifting out of the compliance burden for general counsel.
“The potential in the business is there for all to see, and it’s now a question of delivering on that promise.”