FircoSoft, the leading global provider of watch list filtering solutions, announced today that it has acquired Panorama Workbench, a case management and compliance investigation software from privately-held Telovia, as well as its team of compliance experts and developers.
The acquisition of Telovia's Panorama Workbench and team creates FircoSoft Luxembourg, a new subsidiary 100%-owned by FircoSoft. The new Luxembourg team has over 10 years of experience in compliance software and product development, and has first-hand expertise in anti-money laundering, anti-corruption and counter-terrorism financing. The team has extensive international experience and has previously brought to the market two financial crime detection applications used by hundreds of financial institutions worldwide.
Panorama Workbench offers advanced case management and investigation features, complementing FircoSoft watch list filtering solutions, Firco Continuity and Firco Trust.
Unlike other case management solutions, Panorama Workbench offers a unique combination of e-discovery functions (to automatically retrieve relevant information from internal or external sources), safe storage of evidence (in a secure database), and a proprietary correlation engine that detects any link between cases. With Panorama, users conclude investigations faster and with a higher level of quality.
Panorama Workbench also offers an Intelligent Ship Tracking Module to assess the risk of the vessels and shipping companies involved in an institution's operations.
"We are delighted with the acquisition of Telovia's innovative compliance investigation solution Panorama Workbench, offering our customers an outstanding addition and complement to our existing solutions, and a step forward to streamline compliance and due diligence processes," said Jean Losco, CEO of FircoSoft. "The Panorama Workbench solution will also provide FircoSoft with the opportunity to penetrate new markets, develop new initiatives, and expand our business. In addition, we have acquired a very talented and experienced team that will significantly contribute to our solution development and product growth strategy."
"The Telovia team is thrilled to join FircoSoft, the industry's gold standard for watch list filtering solutions, and its strong team of some of the world's leading experts on sanctions compliance and filtering," said Pascal Aerens, Managing Director of Telovia. "Together we share a joint vision and philosophy to provide a compelling value proposition to our customers by offering superior quality solutions that are flexible, customizable and effective in adapting to the changing and increasingly more stringent regulatory landscape. We are very pleased with the acquisition, providing the opportunity to leverage complementary technologies and accelerate innovation to meet the growing needs of our customers."