Thomson Reuters, the world's leading source of intelligent information for businesses and professionals, today announced the completion of its acquisition of Avanon, a provider of integrated operational risk management software, to further help clients tackle and achieve process efficiencies in managing enterprise and operational risk. Terms of the deal were not disclosed.
The acquisition sees Thomson Reuters expand its operational risk capabilities with the addition of Avanon's operational risk management platform to Thomson Reuters governance, risk management, and compliance solutions. The Avanon platform is used by over 15,000 professionals across banking, insurance and other highly regulated industries.
Ranked in the Operational Risk & Regulation's top ten software vendors for 2012, Avanon helps chief financial officers, chief regulation officers, chief information officers and controllers gain tangible benefits from their operational and enterprise risk management programs. Organizations worldwide use Avanon's solution to deliver process efficiencies in the areas of risk assessment, loss event tracking, scenario modeling, risk quantification and analytics, and reporting. The Avanon solution will become aligned with the Thomson Reuters Accelus suite of products.
"Regulatory pressure and high profile loss events have caused organizations to look for more efficient and effective ways to manage enterprise and operational risk," said Mark Schlageter, managing director, Governance, Risk & Compliance, Thomson Reuters. "This exciting acquisition provides us with critical capabilities to unite with our Accelus suite of products, expanding our capabilities within operational risk management and allowing us to provide the most comprehensive end-to-end governance, risk and compliance solutions to our customers. The acquisition, together with our positioning as a leader in Gartner's Magic Quadrant report for enterprise governance, risk and compliance platforms, both demonstrate our commitment and leadership in this space."
"We are extremely excited to be joining forces with such a well-respected industry leader in governance risk and compliance solutions as Thomson Reuters," said Dr. Hans-Peter Guellich, CEO, Avanon and incoming global head of commercial strategy - Risk, Thomson Reuters. "We share a common principle of wanting to deliver the best solution and service to our customers. Now Avanon's expertise in operational risk will be extended into the Accelus suite of products, further deepening the value that Thomson Reuters can provide to its customers globally, and our customers will benefit from the extended capabilities of the Accelus offering. Together we are delivering a really powerful solution for managing enterprise and operational risk."
Thomson Reuters delivers a comprehensive suite of solutions designed to empower audit, risk and compliance professionals, business leaders, and the Boards they serve with key intelligence and tools. Thomson Reuters Accelus brings together market-leading solutions for global regulatory intelligence, financial crime, anti-bribery and corruption, enhanced due diligence, compliance management, internal audit, e-learning, risk management, and board of director and disclosure services.