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Bregal Milestone Announces the Successful Exit of CUBE

The private equity firm has sold its stake in the regulatory intelligence and change management technology leader to Hg

LONDON–(BUSINESS WIRE)–Bregal Milestone, a leading European software and technology private equity firm, is pleased to announce the successful sale of its stake in CUBE, a global leader in automated regulatory intelligence and change management technology, to Hg, a leading investor in European and transatlantic software and services businesses. Bregal Milestone will fully exit its position, achieving attractive returns well in excess of the fund’s target reflective of CUBE’s continued success in the market.

Bregal Milestone invested in CUBE out of its second fund, as part of its strategy to support innovative and scalable businesses that are transforming their industries. During Bregal Milestone’s partnership, CUBE achieved several significant milestones, establishing itself as a category leader for AI-enabled automated regulatory intelligence and cementing its position at the forefront of regulatory technology innovation. Over the last two years, CUBE expanded its global customer base, growing annual recurring revenue by over 150% while moving to profitability, completed a strategic acquisition, and received a number of awards and recognitions that recently included being named ‘Best Regulatory Alert Management Solution APAC 2024’ and featured in the RegTech100.

Ben Richmond, Founder and CEO of CUBE, commented, “Bregal Milestone has been an excellent partner for CUBE, providing strategic guidance, operational support, and access to a valuable network of contacts and resources. With their help, we have been able to scale our team, enhance our product offering, expand our customer base, and cement our position as a global leader in automated regulatory intelligence and change management technology. We truly value the Bregal Milestone team for their partnership and support, and we look forward to accelerating our growth trajectory and building on our sector leadership now with Hg.”

Philippe Lautenberg, Managing Partner at Bregal Milestone, added, “It has been a privilege to partner with Ben and the CUBE team to support its mission to redefine the regulatory intelligence landscape through innovative technology. CUBE is a true leader in its field, with a visionary founder, a talented team, and advanced technology. We are proud of the achievements we have accomplished together, and the exceptional value creation and returns generated on behalf of our investors. We are confident CUBE has established a firm foundation for continued success.”

About Bregal Milestone

Bregal Milestone is a leading software and technology private equity firm with c.€1.3 billion of capital raised since inception. The firm provides growth capital and operational support to build market-leading technology companies. Bregal Milestone is part of Bregal Investments, a leading global investment platform with assets under management of over €18 billion. Bregal Milestone was recognised by GrowthCap as one of the Top Growth Equity Firms of 2023. For more information, visit or follow us on LinkedIn.

About CUBE

CUBE provides a highly comprehensive and robust source of classified, and meaningful AI-driven regulatory data to power its Automated Regulatory Intelligence (ARI) and Regulatory Change Management (RCM) solutions. CUBE’s purpose-built regulatory technology including its AI engine (RegBrain) and software platform (RegPlatform) tracks, analyses, and monitors laws, rules, and regulations in every country and in every published language to create an always up-to-date regulatory footprint that transforms visibility and compliance capability for customers across the globe.

With operations across Europe, North America, Canada, Asia, and Australia, CUBE serves a diverse and global base of customers and partners including the largest financial institutions in the world who leverage CUBE’s platform to streamline their complex regulatory intelligence and change management processes.


Jillian Hazelton

Head of Marketing & Communications


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