FIS (NYSE:FIS), one of the world's largest providers of banking and payments technology, today announced that it will acquire Compliance Coach, a company that provides risk assessment software, e-learning and additional tools to enable compliance with applicable laws and regulations.
The transaction is expected to close within the next 30 days and terms of the deal were not announced.
This acquisition is a strategic move by FIS to enhance its overall compliance strategy. FIS will assume ownership of Compliance Coach's flagship products that include Regulatory University, Compliance Risk Indicator (CRI) and Compliance Pal. These solutions currently support approximately 1,500 clients, including seven of the top 10 banks within the financial services industry. With the addition of these new capabilities, FIS will offer financial institutions three tiers of compliance support:
* Compliance Assistant: Provides financial institutions with compliance assistance through a basic level of compliance staff training, advice and regulatory reporting software.
* Compliance Advisor: Provides financial institutions with a trusted external compliance advisor, providing advice, training and compliance monitoring with annual independent reviews, consumer lending audits and internal risk reporting.
* Compliance Officer: Performs many of the same functions as Compliance Advisor plus Bank Secrecy Act/Anti-Money Laundering (BSA/AML) and enterprise-wide compliance risk assessment, compliance consulting, vendor relationship management, annual HDMA reviews and training for boards of directors.
"We are very excited to add the regulatory compliance expertise that Compliance Coach brings to FIS," said Kay Nichols, executive vice president, Channel Solutions, FIS. "We firmly believe that through the addition of Compliance Coach's strengths, FIS will become the market innovator for end-to-end regulatory compliance solutions, integrated training, risk assessments, monitoring, reporting and advice."