Case Study

Castlepoint Systems | opportunities outside of its native Australia

Castlepoint Systems provides software solutions to a wide range of companies and government entities, enabling them to comply with regulations surrounding privacy, secrecy and records management. By empowering organisations to find, manage and audit digital information from a single interface - no matter where it is stored - organisations are able to easily apply security and compliance processes to all their digital records.  

We spoke to Rachael Greaves, co-founder and CEO, about Castlepoint’s information governance and compliance service and the growth opportunities outside of its native Australia.  

What does your company do? 

We are an artificial intelligence company, we are a cybersecurity company, we are a regtech and we're a fintech. We fall across a few domains because we're kind of a horizontal solution. 

Our software reads everything in the whole network. So it registers every document and email and database row and chat message and web page and ticket, and it registers all of this digital data in its own database. We then index it all and we read it and then Castlepoint uses natural language processing and artificial intelligence (AI) to understand what it's all about.  

We then go even further to work out what regulatory rules apply to that information based on its classification. We track all the events on that data, too, and we alert if something happens that shouldn't and then show what rules apply to that content. 

We want to change the way the world manages information because if you do it badly, you can end up with really adverse outcomes and really catastrophic outcomes for individuals. We've started solving that problem in Australia and New Zealand, which is good, but now we want to solve that problem everywhere. 

Where are your global operations? 

We started in Canberra which is the seat of government in Australia. We’re coming up to around 40 people, of which 35 are in Australia.  

As the CEO and co-founder, I'm in the UK almost full time. I do go back and forth a little bit, but I'm essentially based here full time. The CTO, the other co-founder, he's here about half the time in the UK. We've got a business development manager based here in the UK as well as a technology business analyst and my executive assistant. 

The fact that the UK is one of the world's leading centres for professional services is important for us. We've been able to make really significant traction, which has been good, and it further enforces that we've made the right choice making the UK our global centre of operations

Our global offer to business

London and the UK’s competitive strengths in support of growth

London and the UK’s competitive strengths in support of growth

Why did you decide to expand into the UK? 

The UK is very convenient for us because it has close geographical access to the EU and much easier access to the US than Australia does. So I can go to the US and be there in 7 hours or so whereas from Australia it's two or three times that. 

We're an Australian company and Australia and the UK have a very close relationship. With the new Free Trade Agreement and with the trilateral security partnership between Australia, the United Kingdom, and the United States (AUKUS), that relationship is now even closer.

Australia has always been very forward thinking about regulating information. Australia is 6th in the world in the RegTech markets so, for its size, it’s been punching above its weight. But the UK is first in the world so that’s definitely a plus for us.  

Part of the other reason I came here personally to lead the expansion is for thought leadership, and we do a lot of engagement, a lot of roundtables and panels. The RegTech Association are fantastic for this. The association started in Australia as well and is now a global organisation.  

And the ability for us to work with the Financial Conduct Authority, with The Defence and Security Accelerator, part of the Ministry of Defence, or to work with the Department for Business and Trade or even Scottish Development International is great as one touch point here in the UK covers a much larger jurisdiction than one touch point in the US, because there you're engaging with each state separately. So the UK is much more manageable.

What are your company’s growth ambitions? 

Because of the scale of operations here in the UK and EU, the London office will end up bigger. We'll probably soon have more people physically here in the UK than we do in Australia.  

Because of the Free Trade Agreement and because of AUKUS, the barrier has really been taken away. That frees us up to grow how we need to in this market without needing to restructure the company to service this client base. 

But we'll never leave Australia. We have to have a presence there physically in that seat of government, which we'll continue to have.

Results from the 2022 City of London Corporation,
Innovate Finance and Grant Thornton UK LLP survey

RegTech industry survey

RegTech industry survey

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