Lombard Risk Acquires Sofgen's Regulatory Reporting Business
Lombard Risk Management, a provider of integrated collateral management and liquidity, regulatory and reporting solutions for the financial services industry, has acquired the regulatory reporting business of Sofgen for a total consideration of US$4.25m payable in a combination of cash, loan notes and equity.
The main part of the business acquired, which in the past was known in the US regulatory market as IDOM USA, is the US and Canada regulatory reporting product REG-Reporter, which has a very strong client base in North America including top banks such as Bank of America (BofA) and Royal Bank of Canada (RBC).
John Wisbey, chief executive officer (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 US. 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.”