FRSGlobal acquires Business Objects' Secam+
10 November 2008 | 7211 views | 0
Brussel's-based risk management and compliance outfit FRSGlobal has acquired regulatory reporting specialist BusinessObjects Secam+, from SAP subsidiary Business Objects.
The Secam+ software is used by UK-based investment firms to meet regulatory reporting demands of the Basel Capital Accord. Clients include multi-national financial institutions across Europe, North America and Asia, with a considerable R&D investment in Japan and Korea.
The deal provides FRSGlobal with an entree to a new pool of clients and opens the doors to the Korean and Japanese markets. It also strengthens the firm's ongoing relationship with SAP, offering its FinancialAnalytics package as a core part of the SAP BankAnalyzer set of applications for finance and risk management and the SAP NetWeaver Business Intelligence component.
Steve Husk, CEO, FRSGlobal, comments: "Secam+ is a specialist solution and the expertise they have will only add to the sophistication of our regulatory reporting offering for the securities industry and our associated clients."
The deal is supported by The Carlyle Group and Kennet Partners, the private equity investors in FRSGlobal. Terms of the deal were not disclosed.
The buy-out represents the second acquisition for FRSGlobal in recent months, following its purchase of Iris integrated risk management AG in August 2008.
The FRS business was originally spun out of S1 to the PE firms back in 2006.