Wolters Kluwer Financial Services Acquires FRSGlobal
(Thomson Reuters ONE) -
MINNEAPOLIS and BRUSSELS (September 23, 2010) - Wolters Kluwer Financial
Services, a comprehensive regulatory compliance and risk management business,
today announced the acquisition of FRSGlobal, a Brussels-based global financial
regulatory reporting and risk management business, from The Carlyle Group and
growth equity investor Kennet Partners.
FRSGlobal's solutions enable international financial institutions to centralize
multi-country risk and regulatory reporting, and address major financial
regulatory, compliance and risk management requirements globally. This
acquisition will enable Wolters Kluwer Financial Services to offer financial
organizations comprehensive compliance and risk solutions that cover operational
risk, compliance risk, and financial risk and reporting-meeting the major risk
requirements of financial organizations worldwide.
"The financial crisis, globalization, and increasing regulatory scrutiny have
created a complex and challenging environment for financial organizations," said
Brian Longe, chief executive officer of Wolters Kluwer Financial & Compliance
Services. "Financial organizations are requiring intelligent and comprehensive
solutions and services to help them address the complexities of a rapidly
evolving regulatory environment. Together, FRSGlobal and Wolters Kluwer
Financial Services will be able to provide global financial organizations with
the most comprehensive compliance and risk management solutions available."
With the deep in-house domain expertise of hundreds of regulatory, risk and
compliance experts from Wolters Kluwer Financial Services and FRSGlobal, the
business provides unmatched insight into today's global regulatory environment.
This actionable regulatory intelligence is embedded within both organizations'
products, solutions and services, enabling financial organizations to manage
global regulatory compliance, reduce risk and increase operational efficiency.
FRSGlobal is the only provider to offer customers a unified solution to address
the financial risk management and regulatory reporting needs of financial
organizations across the world. FRSGlobal's integrated risk management and
regulatory reporting solution utilizes a common data source platform with
coverage in 40+ countries. More than 1,000 financial organizations-including 41
of the top 50 banks in the world-use FRSGlobal regulatory reporting
applications.
More than 14,000 financial services organizations around the world trust Wolters
Kluwer Financial Services to help manage their regulatory compliance and risk
management programs through the company's risk analytics and controls;
regulatory intelligence; transaction and origination management solutions; and
policy and procedure management tools and solutions.
The addition of FRSGlobal creates the world's largest compliance and risk
management businesses focused on financial services, with more than 15,000
banking, insurance and securities customers across the globe.
"Joining Wolters Kluwer Financial Services means that our customers will have
access to an even broader array of compliance and risk management solutions,"
said Steve Husk, chief executive officer of FRSGlobal. "With a shared commitment
to meeting the evolving needs of the financial services market, FRSGlobal and
Wolters Kluwer Financial Services will be able to comprehensively address the
needs of financial organizations around the globe."
Michael Wand, managing director and co-head of Carlyle's European Technology
Partners team (CETP), said: "This achievement with FRSGlobal is a great
endorsement of our original investment thesis of transforming a traditional
software license business into a value-enhancing subscription-based recurring
revenue model, based on strong domain expertise and content orientation. We
believe Wolters Kluwer is an excellent partner for the business and wish them
every success in taking the business forward."
David Carratt of Kennet Partners added, "This transaction is a prime example of
the increasing convergence of content and software, a theme we have been
following closely as investors. Under our stewardship, FRSGlobal built its
specialized domain expertise in compliance deeper into its risk and reporting
platform, creating an invaluable solution for bank CFOs facing a growing
compliance challenge."
FRSGlobal was founded in 1989. The company has 350 employees located in 20
offices in North America (Boston, New York and Toronto); Europe (Amsterdam,
Brussels, Dublin, Lisbon, London, Luxembourg, Madrid, Paris, Zurich, Lausanne,
Warsaw and Cluj-Napoca (Romania); Dubai; and Asia Pacific and Japan (Hong Kong,
Pune and Singapore).
Steve Husk and Serge Minne will join Wolters Kluwer Financial Services and will
continue to lead FRSGlobal.
Financial terms of the deal were not disclosed.
About Wolters Kluwer Financial Services
Wolters Kluwer Financial Services is a comprehensive regulatory compliance and
risk management business that helps financial organizations manage risk and
improve efficiency and effectiveness across their enterprise. The organization's
prominent brands include: ARC Logics for Financial Services, PCi, Compliance
Resource Network, Bankers Systems, VMP® Mortgage Solutions, AppOne®,
GainsKeeper®, Capital Changes, NILS, AuthenticWeb(TM) and Uniform Forms(TM).
Wolters Kluwer Financial Services supports its global customers with offices in
the U.S., U.K., Germany, and Hong Kong. Wolters Kluwer Financial Services is
part of Wolters Kluwer, a leading global information services and publishing
company with annual revenues of (2009) ?3.4 billion ($4.8 billion) and
approximately 20,000 employees worldwide. Please visit our website for more
information.
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please click here.
About FRSGlobal
FRSGlobal is the industry-recognised leader in unified global regulatory
reporting and risk management solutions. These solutions, which are enriched
with content including pre-defined regulatory reports and stress testing
libraries, are employed daily across the globe by firms to meet increasingly
complex external (regulatory) and internal (management) reporting obligations.
FRSGlobal solutions are a combination of in-depth content and modules from
RegPro and RiskPro, sharing a single DataFoundation and CalculationEngine on a
unified platform.
About The Carlyle Group/Carlyle European Technology Partners
Since 2002, Carlyle's European technology team has acquired and invested in 20
small and medium-sized companies, supporting their growth, expansion and
business transformation initiatives in the technology space.
The Carlyle Group is a global alternative asset manager with $90.5 billion of
assets under management committed to 67 funds as of March 31, 2010. Carlyle
invests across three asset classes - private equity, real estate and credit
alternatives - in Africa, Asia, Australia, Europe, North America and South
America focusing on aerospace & defense, automotive & transportation, consumer &
retail, energy & power, financial services, healthcare, industrial,
infrastructure, technology & business services and telecommunications & media.
Since 1987, the firm has invested $60.6 billion of equity in 969 transactions.
The Carlyle Group employs more than 880 people in 19 countries. In the
aggregate, Carlyle portfolio companies have more than $84 billion in revenue and
employ more than 398,000 people around the world. www.carlyle.com.
About Kennet Partners
Kennet is a leading international growth equity firm that invests in companies
in North America and Europe. Kennet invests in technology and business services
companies, offering expansion capital for growth and for liquidity to existing
shareholders. Kennet has funds under management of approximately $600 million
and acts as an advisor to Kennet II and Kennet III.
For more information: www.kennet.com.
Kennet Partners Limited is authorized and regulated in the U.K. by the Financial
Services Authority.
Contact: Kennet Partners - Su Johnston,sjohnston(at)kennet.com, +44 203 004 3255
Forward-looking Statements
This press release contains forward-looking statements. These statements may be
identified by words such as "expect," "should," "could," "shall," and similar
expressions. Wolters Kluwer cautions that such forward-looking statements are
qualified by certain risks and uncertainties that could cause actual results and
events to differ materially from what is contemplated by the forward-looking
statements. Factors which could cause actual results to differ from these
forward-looking statements may include, without limitation, general economic
conditions; conditions in the markets in which Wolters Kluwer is engaged;
behavior of customers, suppliers, and competitors; technological developments;
the implementation and execution of new ICT systems or outsourcing; and legal,
tax, and regulatory rules affecting Wolters Kluwer's businesses, as well as
risks related to mergers, acquisitions, and divestments. In addition, financial
risks such as currency movements, interest rate fluctuations, liquidity, and
credit risks could influence future results. The foregoing list of factors
should not be construed as exhaustive. Wolters Kluwer disclaims any intention or
obligation to publicly update or revise any forward-looking statements, whether
as a result of new information, future events, or otherwise.
Contact: Media Angela Peterson Investors/Analysts
Jennifer Marso Wolters Kluwer Jon Teppo
Wolters Kluwer Financial Wolters Kluwer
Financial Services Services
+1 612-852-7912 +1 612-656-7745 + 31 (0)172 641 407
jennifer.marso(at)wolterskluwer.com angela.peterson(at) ir(at)wolterskluwer.com
wolterskluwer.com
[HUG#1446382]
PDF version of Press Release:
http://hugin.info/130682/R/1446382/389350.pdf
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Source: Wolters Kluwer NV via Thomson Reuters ONE
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Datum: 23.09.2010 - 13:15 Uhr
Sprache: Deutsch
News-ID 42977
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