Lombard acquires reg reporting business of SOFGEN
19 December 2011 London
Image: Shutterstock
Lombard Risk Management has acquired the regulatory reporting business of SOFGEN for
US$4,250,000 payable in a combination of cash, loan notes and equity.
The acquired business is profitable, and in addition the Board expects appreciable revenue synergies over and above the sum of the two businesses at present.
The main part of the business acquired, which in the past was known in the US regulatory market as IDOM USA, is the United States and Canada regulatory reporting product REG-Reporter which has a strong client base in North America including banks such as Bank of America and Royal Bank of Canada.
The transaction will make Lombard Risk:
The top provider of regulatory reporting products to foreign banks in the United States
The third largest provider (as measured by assets reported on, not number of institutions) of regulatory reporting to domestic banks in the United States after FIS and Jack Henry
and with a bigger presence than all of Lombard Risk’s international competitors combined.
The combined business now has over 250 clients for bank regulatory reporting around the world. Lombard Risk has the largest market share of any regulatory reporting product used by banks in the United Kingdom – with around 130 UK clients.
As well as the UK and the Americas, Lombard Risk also has coverage of Asia Pacific markets with regulatory reporting solutions in use in Singapore, Hong Kong, Japan, Indonesia, Thailand and other Asian countries. Lombard Risk recently announced a contract win for Chinese regulatory reporting, and has Indian and Korean regulatory reporting under development.
Commenting on the acquisition, John Wisbey CEO of Lombard Risk said: “This is an important strategic breakthrough for us, as it gives critical mass in the North American market place, both for foreign and domestic banks in the United States. We already had this for collateral management but we now have it for regulatory reporting. The REG-Reporter business and its management are well respected in the market, and it has built an impressive and very loyal client base. As the market moves away from having multiple suppliers in different countries, this acquisition will allow us to serve our global clients better with much more ability to conclude deals in multiple countries and continents. We understand this business and its business model extremely well, so we are absolutely ‘sticking to the knitting’ with this acquisition.”
The acquired business is profitable, and in addition the Board expects appreciable revenue synergies over and above the sum of the two businesses at present.
The main part of the business acquired, which in the past was known in the US regulatory market as IDOM USA, is the United States and Canada regulatory reporting product REG-Reporter which has a strong client base in North America including banks such as Bank of America and Royal Bank of Canada.
The transaction will make Lombard Risk:
The top provider of regulatory reporting products to foreign banks in the United States
The third largest provider (as measured by assets reported on, not number of institutions) of regulatory reporting to domestic banks in the United States after FIS and Jack Henry
and with a bigger presence than all of Lombard Risk’s international competitors combined.
The combined business now has over 250 clients for bank regulatory reporting around the world. Lombard Risk has the largest market share of any regulatory reporting product used by banks in the United Kingdom – with around 130 UK clients.
As well as the UK and the Americas, Lombard Risk also has coverage of Asia Pacific markets with regulatory reporting solutions in use in Singapore, Hong Kong, Japan, Indonesia, Thailand and other Asian countries. Lombard Risk recently announced a contract win for Chinese regulatory reporting, and has Indian and Korean regulatory reporting under development.
Commenting on the acquisition, John Wisbey CEO of Lombard Risk said: “This is an important strategic breakthrough for us, as it gives critical mass in the North American market place, both for foreign and domestic banks in the United States. We already had this for collateral management but we now have it for regulatory reporting. The REG-Reporter business and its management are well respected in the market, and it has built an impressive and very loyal client base. As the market moves away from having multiple suppliers in different countries, this acquisition will allow us to serve our global clients better with much more ability to conclude deals in multiple countries and continents. We understand this business and its business model extremely well, so we are absolutely ‘sticking to the knitting’ with this acquisition.”
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