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Sofgen buys Idom's banking regulatory reporting and compliance business

17 August 2009  |  1165 views  |  0 Source: Sofgen

Sofgen Holdings Limited (SOFGEN), an international banking IT consulting firm, has announced today that its wholly owned subsidiary, Sofgen Americas, (SOFGEN Americas), has acquired 100% of the banking regulatory reporting and compliance business of Idom.

This acquisition, which took effect as of August 1st, 2009, includes industry-leading REG-Reporter, an automated regulatory reporting solution, and DOCTracker, a documentation compliance management software application. SOFGEN plans to bring these U.S. best-of-breed products to the global market. With immediate effect, the New Jersey based support and development team become an integral part of SOFGEN Americas.

"Primarily, we were searching for an automated regulatory reporting solution to answer increasing demand from our worldwide banking clientele," commented Mr. Alexander Dembitz, Chairman of the SOFGEN Group. "This acquisition reaffirms the company's commitment to be at the forefront of key growth market segments. The SOFGEN Group will aggressively extend the geographic limits of REG-Reporter, for it to comply and satisfy the statutory reporting requirements in various jurisdictions, initially Singapore, Hong Kong, and the needs of existing REG-Reporter clients outside the USA.

"For the past two decades, our ability to continuously adapt to our customers' needs has allowed us to maintain our position as the de-facto industry leader in U.S. banking regulatory reporting," said Vincent Raniere, former President of IDOM, Inc. and newly appointed EVP-Global Head of Product Sales at SOFGEN. "As part of SOFGEN, we look forward to accelerating our development and reaching an even wider audience with the most advanced regulatory reporting solution in the market."

"This strategic acquisition, in addition to providing SOFGEN with a new business line globally, expands our Americas footprint with 52 prestigious banking clients," commented Russell Rothchild, CEO, SOFGEN Americas.

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