We are Regnology, an incumbent company that has been dedicated to RegTech, SupTech, AEOI and tax reporting solutions for more than two decades. Our roots go back to 1993 when we started the development of our Abacus platform for regulatory reporting.
Innovation has always been our major driver. We started with regulatory reporting software for banks, and, over the time, extended our portfolio by RegTech and SupTech solutions for regulators and insurers, software for AEOI, tax, and transaction reporting as well as for risk and Asset Liability Management. For more than 15 years now, we have been offering Software-as-a-Service (SaaS)/Regulatory-as-a-Service (RaaS) solutions.
Regnology was formed in 2021 when BearingPoint RegTech, a former business unit of BearingPoint Group, and Vizor Software, a global leader in regulatory and supervisory technology, joined forces. We serve more than 7,000 financial services firms with reporting solutions. At the same time, we enable more than 50 regulators and tax authorities on five continents to collect data from 34,000 firms in 60 countries. Our company has a total workforce of 800 employees at 14 office locations in 9 countries.
The creation of a global RegTech and SupTech powerhouse: The years 2020 and 2021 mark a major milestone for our company. In 2020, BearingPoint Group sold the RegTech business (BearingPoint RegTech) to private equity firm Nordic Capital to foster the next phase of innovation and sustainable growth. In 2021, BearingPoint RegTech joined forces with Vizor Software, and we changed our name to Regnology. Together, we are well positioned for further growth and provide best-in-class solutions across the regulatory value chain.
A phase of innovation: During this period, we launched various new products, including ABACUS/GMP, the regulatory reporting platform for Austrian banks, Abacus Transactions for transaction-based reporting, Abacus Regulator, a data management solution for central banks and supervisory authorities, and the Vizor AEOI (Automated Exchange of Information) platform to help reduce tax evasion. To expand our solution portfolio in the fast-growing field of risk management and reporting, we acquired the risk management and reporting specialist RiValue. We also developed and released a new generation of ABACUS/DaVinci, our regulatory reporting platform for financial institutions: Abacus360 Banking. In 2019, we launched the RegTech Factory, a digital, fully integrated, and automated "reporting factory”.
Internationalization and new regulatory requirements: From 2007, we expanded into new markets in Europe, Africa and the Middle East. The global financial crisis brought a wave of new and increased regulations, such as Basel III, Solvency II, and EMIR, among others. We focused on developing future-proofed technology to enable financial institutions and regulators to respond to ever-changing and ever-increasing regulatory requirements. Additionally, those technologies would also promote transparency on risk-related data to be more proactive in preventing future breakdowns. In 2011, we launched Abacus Insurance for Solvency II reporting and implemented the Basel III requirements in our regulatory reporting products.
Expansion of our solution portfolio: At the beginning of 2002, we further extended our portfolio with EasyTax, an international client tax calculation and reporting solution. Later that year, KPMG Consulting changed to BearingPoint Inc. As part of the new company BearingPoint Inc., we started working on the new generation of Abacus and released ABACUS/DaVinci in 2003. In 2005, we developed the first Basel II/CRD III reports based on XBRL. At the same time, Vizor developed data collection solutions that automated manual, paper-based processes and transformed disjointed, poor quality data flows into a centralized repository of high-quality data. In 2006, we started with our Managed Services offering providing financial institutions with services related to the technical operation of our software solutions.
The start of our journey: Back in late 1993, as part of KPMG, we started a small project called Abacus. Just one year later in 1994, we sold the first licenses and hosted our first user group that developed over the years into a leading industry event, the RegTech Convention. In 1995, FiRE was launched, a software that supports banks and securities brokers active in Switzerland, Liechtenstein and The Bahamas with automated regulatory reporting to the authorities. The next milestone was the release of our tax reporting solution FiTAX in 2001. Around the same time, a handful of ex-financial supervisors and technology consultants founded Vizor Software from a small office in Dublin. Our founding teams had one shared objective – to enable the transparency and stability of the financial markets.