London – 21 June 2004
In a statement today, Chase Cooper Limited announced that it is acquiring 100% of the equity in Lexington Systems Limited as part of a major growth plan to establish Chase Cooper at the forefront of the rapidly emerging requirement for Operational Risk solutions in the Financial Services market.
"We have already developed an exceptional software-based solution, VORT-x™, to meet the strictures of current regulatory requirements for Operational Risk (Basel II) and Corporate Governance (Sarbanes Oxley)" said Zag Asghar, a director of Chase Cooper. "Access to Lexington’s skills, business contacts, project management and integration capabilities dramatically extends our reach, and positions us for what we expect to be a considerable upswing in demand as the regulators begin to bite", he added.
Maurice Pannell, Managing Director of Lexington, joins the board of Chase Cooper as part of the deal. "This move will immediately exploit the strengths of both companies to our customers’ benefit and offers a truly scalable solution to all financial institutions, regardless of size and complexity" he says.
Commercial details of the acquisition have not been disclosed.