Refinitiv Acquires The Red Flag Group, Notes Growing Focus on ESG Due Diligence
Financial market data provider Refinitiv announced today that it has acquired due diligence specialist The Red Flag Group. The acquired company is a provider of workflow, data, due diligence and ratings solutions that help corporate compliance customers to evaluate money laundering, bribery and corruption, reputational and ESG risk.
Refinitiv has been adding to its due diligence data service capabilities, and in particular enhancing its ESG due diligence offerings. In August, the company announced that will include data from Sigwatch to its Enhanced Due Diligence (EDD) reports, including ESG and NGO issue tracking and related reputational impact data. In today’s announcement, Refinitiv cited the addition of the Red Flag Group’s ESG due diligence capabilities as one of the benefits of the acquisition.
Charles Minutella, Head of Due Diligence services at Refinitiv, said:
“The acquisition of The Red Flag Group comes at a time when our customers are wrestling with new and emerging challenges, including supply chain resilience and an increasing focus on ESG due diligence. With the addition of The Red Flag Group, Refinitiv is ideally positioned to meet these and other on-going customer challenges. We’re looking forward to expanding upon the great work The Red Flag Group has done to date.”
Phil Cotter, Managing Director of the Risk business at Refinitiv, said:
“This is an exciting combination for customers of both companies as we will be bringing together the capabilities of two highly complementary businesses. The Red Flag Group’s strong corporate customer base and customer-facing technology complement our traditional strength in financial services, rich and diverse datasets and automation capabilities. I look forward to welcoming our new colleagues at The Red Flag Group to Refinitiv.”
Scott Lane, Founder and CEO of The Red Flag Group, said:
“We chose to join Refinitiv because they offer the prospect of further growth and investment. The opportunity to build an extensive suite of due diligence products and capabilities to better serve our growing customer base is an exciting prospect.”