London-based operational risk consultancy and software vendor Chase Cooper is acquiring Lexington Systems, a provider of consulting, project management and systems integration services to the financial services, public sector and retail markets.
Under the deal, Maurice Pannell, managing director of Lexington, joins the board of Chase Cooper. Commenting on the acquisition, Pannell says: "This move will immediately exploit the strengths of both companies to our customers' benefit and offers a truly scalable solution to all financial institutions, regardless of size and complexity."
Based in the City of London and with offices in Warsaw and Amsterdam, Chase Cooper's Vort-x software suite handles operational risk management and regulatory reporting. With the acquisition of Lexington Systems the firm gains access to over 200 consultants with expertise in project management and systems integration.
Zag Asghar, a director of Chase Cooper, says: "Access to Lexington's skills, business contacts, project management and integration capabilities dramatically extends our reach, and positions us for what we expect to be a considerable upswing in demand as the regulators begin to bite."
Financial terms of the transaction were not disclosed.