Orion takes over RegTech provider BasisCode


    Orion Advisor Solutions continued an acquisition tour in 2021 with the purchase of the compliance technology provider BasisCode Compliance, according to an announcement. Orion has already added risk scoring company HiddenLevers to its arsenal and is actively integrating technology from its purchases into Orion’s core offering. Details of the transaction were not disclosed.

    BasisCode is a 10-year-old company that offers cloud-based compliance tests and risk assessments for consultants. The software scans for insider trading, verifies employee certifications and provides supervision through auditable reporting. Orion will integrate these functions into its digital dashboard.

    With regulatory question marks surrounding digital assets and last year’s implementation of Reg BI, consultants are facing increasing regulatory complexity, said Kylee Beach, general counsel at Orion. “This acquisition strengthens Orion’s compliance technology offering to customers and appeals to both Orion’s core client base of independent financial advisors and corporate firms,” ​​she said. Orion is increasingly targeting services to independent broker-dealers, banks and custodians, and RIAs.

    According to founder and CEO Carlos Guillen, BasisCode already has a customer list of more than 400 companies around the world. It has partnerships with 22 consulting firms including Barge Consulting, Beacon Compliance Consulting and Pine Advisor Solutions. The Consultant Marketplace is another resource for consultants facing one-off or more complex compliance dilemmas.

    “BasisCode has long been established as one of the strongest integrated compliance platforms in the industry,” said Guillen, who will become Orion’s senior vice president of Tech Products. “We are excited to bring Orion’s broader customer base to our simplified, centralized programs and offer them a more holistic compliance solution.”

    RegTech has seen increased interest lately. Earlier this week ComplySci acquired National Regulatory Services (NRS) in a deal that put NRS, founded in 1984, under new management. In June, ComplySci received a $ 120 million growth capital investment from private equity firm K1 Investment Management. It was the first acquisition by ComplySci since receiving the new capital.


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