Bregal Milestone successfully exits Cube to Hg after backing ambitious plan that delivered significant growth and innovation in AI-led regulatory compliance

March 20, 2024

Bregal Milestone, an investment firm at the forefront of European technology and software private equity, announces the strategic sale of its interest in Cube, a pioneering force in the RegTech industry, to Hg. This marks a notable conclusion to a fruitful partnership that saw Cube redefine the regulatory intelligence and change management sector, with Bregal Milestone significantly surpassing our funds target returns.

Founded in 2011 and headquartered in London, UK, CUBE is a SaaS RegTech, providing world-leading change management and intelligence for regulated industries. With over 400 employees across 11 locations in Europe, the Americas, and Australia, CUBE serves a diverse and global client base.

During Bregal Milestone’s partnership, CUBE’s journey was marked by exceptional growth, innovation and value creation milestones:

  • Expanded Global Footprint: enhanced global customer base, propelling annual recurring revenue by over 2.5x, while transitioning to profitability.
  • Strategic Acquisitions: acquired ‘The Hub’, expanding Cube’s capabilities and global reach, solidifying its innovative edge
  • Strengthen Leadership: enriched the leadership team with several key executive appointments to scale the founder-led business.
  • Awards and Recognition: Cube’s innovative efforts were recognised with numerous awards, including BusinessCloud’s RegTech 50 2023, FinTech Global’s RegTech 100 2022,and Best Regulatory Alert Management Solution by RegTech Insight.
  • Technological Advancements: launched new AI-driven services, enhanced regulatory change management and detection, and risk assessment capabilities

Ben Richmond, Founder and CEO of CUBE

"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

“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.€1.3billion 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.