Combined group to launch new risk and regulatory reporting solution for financial services
FRSGlobal has bought Iris integrated risk management AG, a provider of risk management solutions.
On the back of the acquisition FRSGlobal launched a combined risk and regulatory reporting solution for financial services.
The deal is supported by The Carlyle Group and Kennet Partners, the private equity investors in FRSGlobal, and is subject to EU approval.
Steve Husk, chief executive officer, FRSGlobal, commented: ‘Basel II and its ongoing review further to the subprime crisis, stresses that risk information presented to regulators, senior management and to the markets must be consistent and free from separation. Acquiring IRIS means that the market will be able to benefit from an integrated solution on a single platform.’
Husk continued: ‘The acquisition will also enable us to diversify and extend our offering – expanding into new regions, and further developing our suite of applications.’
David Carratt, managing director, Kennet Partners, said: ‘Risk and regulation has perhaps never been more important, or more debated, and if any companies are to benefit from this new environment they are within the financial technology space.’