Financial technology leader provides enterprise-wide technology and solutions for risk data management and regulatory reporting
AxiomSL, the global leader for risk data management and regulatory reporting technology for the financial services industry, today announced that growth equity firm TCV has made a strategic investment in the company. This investment represents AxiomSL’s first institutional financing, having bootstrapped to scale since its founding in 1991. TCV’s investment will enable the company to accelerate growth and cement its position as the financial industry standard for risk and regulatory compliance data management. As part of the investment, the AxiomSL board of directors will benefit from the expertise of Rick Kimball, Founding General Partner at TCV, and Nari Ansari, Principal at TCV.
“We selected TCV as our first institutional investment partner given their experience in helping financial technology companies achieve their mid- to long-term growth and strategic objectives,” said Alexander Tsigutkin, Group CEO of AxiomSL. “Partnering with TCV will allow AxiomSL to continue our mission of empowering firms to address increasingly complex, granular, and data-intensive regulatory regimes and requirements.”
“Over more than 25 years, AxiomSL has achieved clear market leadership for global risk and compliance data management technology in the financial services industry,” said Rick Kimball, Founding General Partner at TCV. “We are excited to partner with Alex and the AxiomSL management team in their next phase of growth.”
AxiomSL’s risk data management and regulatory reporting platform provides complete control over every step of the compliance process. Its cutting-edge data and process management capability allows for traceability, transparency and greater clarity about -a company’s financial position by delivering full data lineage throughout the entire process, from data sourcing to disclosure management. Its enterprise-wide and lines of business coverage meet expanding regulatory compliance mandates such as BCBS239. AxiomSL’s visual business rules can be easily understood by users who do not have specialist-coding knowledge, allowing clients to invest their full trust in the automation of complex workflows, reporting, business logic and analytics, data quality, governance and control within tight timeframes. Armed with these tools, firms can reduce operational risks and costs, achieve greater time-to-market and confidently navigate the complicated Governance, Risks and Compliance (GRC) landscape.
Risk technology research firm Chartis estimates that financial institutions spent more than $70 billion in 2016 on risk and compliance IT software and services. This sector is growing rapidly as enterprises look for technology that can help them quickly make critical business decisions and adapt to constantly changing business and regulatory environments, all while continuing to contain costs. Since its inception, AxiomSL has been leading the industry in providing enterprise-wide data and risk management solutions for clients around the world, including Basel Capital, Liquidity, CCAR & BCAR, FRTB, MiFID II, BCBS 239, Global Shareholding Disclosures, FATCA/CRS, AIMFD, COREP/FINREP, and more.
“The data governance and reporting issues that financial institutions face are only increasing in significance and complexity,” said Nari Ansari, Principal at TCV. “Simultaneously, cost and compliance pressures are causing firms to automate and standardize their procedures throughout their organizations. AxiomSL’s innovative platform and solution set enables clients to address both challenges in a flexible and transparent way.”
AxiomSL is the global leader in risk data management and regulatory reporting solutions for the financial industry, including banks, broker dealers, asset managers and insurance companies. Its unique enterprise data management (EDM) platform delivers data lineage, risk aggregation, analytics, workflow automation, reconciliation, validation and audit functionality, as well as disclosures. AxiomSL’s platform supports compliance across a wide range of global and local regulations, including Basel III capital and liquidity requirements, the Dodd-Frank Act, FATCA/CRS, EMIR, FRTB, COREP/FINREP, CCAR, MiFID II, FDSF, BCBS 239, Solvency II, AIFMD, IFRS 9/CECL, MAS, APRA, REMIT, SFTR, central bank disclosures, and both market and credit risk management requirements. The company’s technology and solutions have won numerous accolades, including success in the Best Reporting Initiative category of the American Financial Technology Awards, Best Implementation at a Sell-Side by Incisive Media, and highest recognition in the Customer Satisfaction section of the Chartis RiskTech100 rankings.
Founded in 1995, TCV provides capital to growth-stage private and public companies in the technology industry. TCV has invested over $9 billion in leading technology companies and has helped guide CEOs through more than 100 IPOs and strategic acquisitions.
TCV investments in the financial technology sector include Automated Trading Desk, Avalara, CCC Information Services, Envestnet, FX Alliance, Green Dot, iPipeline, Lynk Systems, MarketAxess, Payoneer, Retail Merchant Services (RMS), Solarc, Riskmetrics Group, Tastyworks, thinkorswim, and WorldRemit.
TCV’s internet and software investments include Altiris, Dollar Shave Club, ExactTarget, Expedia, Facebook, Fandango, GoDaddy, Genesys Software, HomeAway, Merkle, Netflix, Redback Networks, Rent the Runway, Sitecore, Splunk, Spotify, VICE Media, and Zillow. TCV is headquartered in Palo Alto, California, with offices in New York and London.