SteelEye

SteelEye joins trade and communications surveillance on one data platform. It captures 85 communication channels and 50+ trade data feeds, holds them in a WORM archive, and runs market-abuse scenarios, lexicons and Compliance CoPilot across both, for clients including Fidelity International, Schroders and Braemar. The November 2025 merger with FundApps, backed by FTV Capital, created a group reporting about 350 clients and ARR above £50m, adding shareholding-disclosure and regulatory-filing products.

AI and governance disclosure lag the product range. CoPilot has run since 2023 and gives a rationale for each alert, but the language models behind it are not named, no evaluation is published, and we did not locate a dated AI release in 2025 or 2026. SOC 2 and ISO 27001 are in place, but documentation of SSO, audit logging and AI data use was not located. A new group CEO took over in March 2026, and integration of the two businesses is in progress.

We initiate at 6.40, Emerging, with a Stable outlook. Workflow Fit (7.50) and Data & Content (7.33), on the segment variant, are strengths; AI & Technology (5.17) and Commercial Value (4.92) are the weakest. Published AI governance and evidence of the merged platform would move the score most.

Strengths

• Integrated surveillance. Trade, order and communications data analysed together in one case view, a combination few peers offer natively.
• Channel and feed coverage. 85 communication channels, voice transcription and 50+ trade data handlers including Charles River, Aladdin and Bloomberg EMSX.
• Regulatory breadth. Archive, best execution and MiFID II reporting alongside surveillance; FundApps adds disclosure monitoring and filings.
• Assurance. ISO 27001 since 2023, renewed in 2025 with A-LIGN, and a SOC 2 report covering all five trust criteria.
• Scale. Group ARR above £50m and about 350 clients in 18 countries (company), with FTV Capital backing.
• Data terms. Clients own their data, with no exit fees or export charges (company).

Cautions

• AI disclosure. The models behind Compliance CoPilot are not named and no evaluation is published.
• Shipping velocity. We did not locate a dated AI release in 2025 or 2026; "agentic AI" and auto-close are listed without detail.
• Governance documentation. SSO, role-based access, audit logging and a no-training commitment were not documented publicly.
• Integration. The FundApps merger closed in November 2025 and a new group CEO started in March 2026; the combined roadmap is not yet published.
• Evidence. The 90% review-time reduction and false-positive claims are vendor-reported.
• Trial and pricing. No public pricing and no trial located.
• Archive assurance. No third-party attestation of 17a-4 compliance located.