The CEO of the firm said it will consider further equity investments if considered suitable.

Australian technology firms IRESS and Lucsan has formed a partnership to drive development of regulatory tech as compliance burdens force financial firms to figure out ways to keep on top of red tape.

IRESS is making an equity investment in Lucsan, which is an Australian-owned “regtech” firm and data analytics company. Clients include some of the largest banks in the country, IRESS said in a statement yesterday. 

The minority equity position will support Lucsan’s growth strategy as it focuses on expanding its business in Australia and more broadly into international markets.

The financial price of the stake wasn’t disclosed.

The investment in Lucsan is IRESS’ first minority equity investment and for disclosure purposes is non-material. 

IRESS chief executive Andrew Walsh said his firm will consider equity investments of this nature where there was an opportunity for it to form strategically-aligned partnerships in areas related to IRESS’ core business focus.

“We will consider opportunities under a strict criteria that ensures any investments align to our strategy. This includes integrations and partnerships with specialist providers,” Walsh said.