Lombard Risk Management buys compliance outfit STB Systems

Lombard Risk Management buys compliance outfit STB Systems

London's Lombard Risk Management has agreed to acquire STB Systems, a UK-based provider of regulatory reporting and compliance technology, for up to £3 million.

Formed in 1984, STB Systems supplies international regulatory, anti-money laundering and compliance systems to financial services firms including Refco, State Bank of India, C Hoare & Co, Williams de Broë and Portman Building Society.

The London-based vendor also has offices in New York, Hong Kong and Singapore.

Lombard says it will acquire all of the share capital of STB Systems on completion, which is expected within seven days.

John Wisbey, chairman and chief executive of Lombard Risk, comments: "This acquisition significantly expands our activities in the area of regulation and compliance, allowing us to offer an even more comprehensive offering to our clients and further expand our marketplace opportunities."

Last month Lombard sold its credit derivative pricing data business, ValuSpread, to Fitch Ratings for £6m.

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