Lombard Risk Management has acquired the regulatory reporting business of Sofgen for $4.25 million in cash, loan notes and equity.
The main part of the business acquired is the US and Canada regulatory reporting product REG-Reporter, which is used by Bank of America and Royal Bank of Canada, among others.
The deal gives Lombard over 250 clients around the world for bank regulatory reporting. It claims to now be the top provider of products in this area to foreign banks in the US and the third largest to domestic American players, after FIS and Jack Henry.
John Wisbey CEO, Lombard Risk, says: "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 United States. We already had this for collateral management but we now have it for regulatory reporting."