Wolters Kluwer Financial Services, which has more than 15,000 global financial services customers, has acquired its rival, FinArch for an undisclosed sum. The firm says the combine entity will provide financial institutions with better control and insight of their financial data, and ultimately, a clearer enterprise view, plus enhanced management of their risk and performance.
According to Wolters Kluwer, since the financial crisis institutions globally have recognised the need and value in the convergence of risk and finance platforms, requiring high-quality data and integrated data management to optimise them. The regulatory and market pressures post-2008 to improve risk assessments and reporting, while cutting costs during tough economic times, are also considerable.
“By better harnessing the power of data across all asset classes, financial organisations can more effectively manage risk and financial performance,” said Brian Longe, chief executive officer (CEO) of the Wolters Kluwer financial and compliance services division, when commenting on the deal. “Together with our risk and regulatory reporting solutions, we’ll be able to offer our customers more options and greater flexibility to meet the needs specific to their organisation and the changing marketplace.
“We will continue to build out our global capabilities,” added Longe, “providing regulatory reporting for 50 countries and a full suite of solutions to help better manage performance and meet the most critical risk needs financial organisations face today.”
By Neil Ainger