Wolters Kluwer FRSGlobal unit acquires Spring Progams
11 April 2011 | 3211 views | 0
Source: Wolters Kluwer
Wolters Kluwer Financial Services, a comprehensive regulatory compliance and risk management business, today announced the acquisition of Spring Programs Ltd. (Spring), an independent provider of financial regulatory reporting solutions in the UK banking market.
Wolters Kluwer Financial Services is acquiring Spring through its FRSGlobal business, which provides a unified regulatory reporting and risk management solution for financial organisations across the globe.
Spring provides full reporting templates and high-level input and delivery mechanisms to UK regulators. The acquisition will enable the combined company to help more financial organisations better meet intensifying liquidity and stress testing requirements in the UK.
"The introduction of the Financial Services Authority (FSA) liquidity regime with mandatory stress testing has begun to change the regulatory reporting landscape dramatically across the UK," said Steve Husk, CEO of FRSGlobal. "Together with Spring, we can provide the most comprehensive financial risk and reporting solutions for UK financial firms of all sizes."
With the combination of the FRSGlobal and Spring businesses, Wolters Kluwer Financial Services is the number one supplier of regulatory reporting solutions in the UK market.
Spring's primary product, SPRiNG, was the first software package to be developed specifically for Bank of England reporting in 1987. Five of the six largest UK banking groups use SPRiNG to report to the regulator. Spring also provides solutions that address the financial reporting requirements of the Central Bank of Ireland, the FSA and British Bankers' Association. Additionally, Spring caters to UK Building Societies.
Wolters Kluwer Financial Services provides financial organisations solutions in three main areas: risk management; regulatory intelligence; and transactional and origination management. Through its FRSGlobal solutions, Wolters Kluwer Financial Services helps financial organisations meet financial risk and regulatory reporting requirements. More than 15,000 financial services organisations worldwide trust Wolters Kluwer Financial Services to provide them with solutions to effectively manage operational, compliance and financial risk across their business.
"We are continually looking for ways to help financial services institutions further enhance financial regulatory reporting and make the overall process more efficient," said Jenkyn Kennedy, director, Spring. "Joining Wolters Kluwer Financial Services' FRSGlobal business will complement this effort, allowing us to provide Spring customers with an even broader offering of risk management solutions."
"Wolters Kluwer Financial Services' main focus is providing financial services organisations across the globe with compliance and risk management solutions to help them understand and comply with changing regulations," said Brian Longe, CEO of Wolters Kluwer Financial & Compliance Services. "The acquisition of Spring will allow us to strengthen that commitment to UK financial services firms, which are facing dramatic changes in how regulation is structured."
Spring is headquartered in Stroud, Gloucestershire, England.
Financial terms of the deal were not disclosed.