SVENSON, is part of SmartStream, a leader in financial transaction management solutions. Its 15 employees will join Wolters Kluwer Financial Services.

The acquisition will enable the combined company to help banks and insurance companies in Austria meet increasingly challenging national and international regulatory requirements. The SVENSON product suite complements the existing Wolters Kluwer Financial Services offering for regulatory reporting, and risk and finance management which supports financial organizations across the world.

Financial organizations with operations in Austria are expected to meet the growing requirements of the country's three regulators - Austrian National Bank (OeNB), Financial Market Supervisory Authority (FMA) and Insurance Supervisory Authority (VAB). In addition to local regulatory obligations, firms in Austria are also required to submit European Central Bank (ECB) reports such as monetary statistics (MONSTAT), interest rate pricing list statistics (ZINSSTAT), minimum reserves and loan origination statistics. This national and regional regulatory pressure has led to an increased need for comprehensive reporting and risk solutions.

The SVENSON product suite is built on a strong platform to support automated and integrated regulatory reporting and risk management. The modules include:

• SVENSON LiMON to monitor the regulatory and individual limits
• SVENSON xCHECK for trend and deviation analysis
• Reporting coverage across the OeNB, FMA and VÖBB regulatory requirements
• SVENSON ICAAP for regulatory analysis of risk monitoring.

"The global financial crisis, globalization, and increasing regulatory scrutiny have created challenges for financial organizations and that is no exception for firms operating in Austria and the surrounding area," said Raffi Festekjian, CEO of the Finance Risk & Compliance unit of Wolters Kluwer Financial Services. "These pressuures require intelligent and comprehensive solutions and services to address the complexities of a rapidly evolving regulatory environment. Together, we will continue to provide customers with comprehensive support, and global regulatory, finance and risk management solutions."

"As the leading regulatory reporting solution suite in Austria, SVENSON has been enabling firms in the region to navigate the regulatory landscape for many years, and will continue deliver value to its customers as it becomes part of Wolters Kluwer Financial Services," said Christian Schiebl Executive vice president, SmartStream and Managing Director SmartStream Technologies Vienna.

The acquisition is expected to close this summer. Terms of the deal were not disclosed.