The Control Metrics software translates regulatory requirements into internal control management methods to monitor and manage audit practices and ensure full compliance across an organisation's internal operations.
"Internal control is increasingly important as mandatory regulations and stakeholder pressures place greater demands on organisations' governance, risk, and compliance management. Specialised software tools help resolve these challenges," explained Lucio de Risi, President and CEO of MEGA International.
"The acquisition will enhance this vital component within MEGA International's existing GRC solution, which was already cited by market research company Chartis Research in its report published earlier this year on leading operational risk management (ORM) vendors," he said. (See Note to Editor.)
He added that Control Metrics has distinguished itself as a high performer in a specialised market. Both companies use the same Web-based technology and have a similar customer base, making the acquisition an ideal fit.
The Control Metrics software, IC-Quest, was developed for two main markets: manufacturing and distribution, and banking and insurance.
The MEGA GRC Suite enables enterprises to design control systems, identify, evaluate and map risks, and meet multiple regulatory requirements. It provides efficient internal control management with quantitative analysis capabilities, while reducing the cost of compliance and eliminating redundant controls.
Pierrick PÃ©tain, President of Control Metrics, said: "We are joining a company that is setting the pace in the industry and has the best prospects for the future. MEGA International is well-resourced and offers a stable framework for our highly specialised application."
PÃ©tain will now direct the GRC professional services department of MEGA International, bringing to the company more than a decade of expertise in risk, internal controls, and compliance management.
Founded in 2005 Control Metrics is a specialised, profitable and fast-growing French company that serves major corporations, mainly in the financial services industry. It has won important awards for its innovative enterprise and recognition for advanced technology.
The process of acquisition was concluded on November 1, 2007. Control Metric's products will continue to be fully supported; in time they will be absorbed into the MEGA GRC Suite to create a single, modular suite of best-of-breed products and services for comprehensive governance, risk, and compliance management.