Exiger, the global regulatory, financial crime, risk and compliance company, announced today that it has acquired OutsideIQ, the company that developed the groundbreaking cognitive computing and intelligent search platform DDIQ.
Today, DDIQ’s innovative technology platform is relied upon by many of the world’s leading financial institutions and corporations to leverage the power of machine-learning and natural language processing to accelerate and enhance critical due diligence related to investment, third-party and counterparty risk.
Exiger’s acquisition recognizes the urgent need for financial institutions and corporations to right-size compliance resources, manage voluminous data, and respond to regulatory demands. OutsideIQ’s development team and Exiger’s subject matter experts will join forces to use DDIQ to deliver solutions, at the enterprise level, that solve critical financial crime compliance issues—including customer, transaction, counterparty and third-party risk. The acquisition further positions Exiger as one of the leading providers of sustainable compliance solutions.
“Banks have spent the last 10+ years in response mode - reacting to regulators’ demands while trying and failing to contain the cost of compliance,” said Michael Beber, Exiger President and CEO. “The banks have been forced to give up compliant as well as non-compliant customers because they haven’t had the solutions to allow them to distinguish between them cost-effectively. With this acquisition, Exiger is uniquely positioned to implement a solution that meets the compliance demands of regulators and the profitability requirements of shareholders. Our entire Exiger team looks forward to working with Dan Adamson and the entire OutsideIQ team to solve what are clearly, some of our clients’ most important problems.”
“This acquisition reinforces our continuing commitment to best-in-class technology as the fulcrum of our client-centric solutions,” said Brandon Daniels, President, Exiger Analytics. “The global banks know that they are facing an imperative - restructure processes, deploy the right technology, and do a lot more for less while maintaining compliance. The acquisition of OutsideIQ/DDIQ will augment our ability to deliver purpose-built, AI-based solutions that transform how global banks and multi-national corporations meet the evolving expectations of regulators looking for truly measurable and auditable solutions. Exiger will build on DDIQ’s success to deliver enterprise level, RegTech solutions that respond to this shifting paradigm with our focus being to deliver solutions that address transaction alert monitoring, KYC onboarding, counterparty and third-party risk.”
Dan Adamson, Founder and CEO of OutsideIQ, said: “The financial services community clearly sees cognitive computing based solutions as critical to achieving cost efficiency, consistency and global scale in financial crime compliance. Yet, the identification of areas that are ripe for automation and the design of reliable solutions can only be driven by financial crime subject matter experts. We believe that this move solves that dilemma and will allow the combined OutsideIQ/Exiger team to seamlessly bring AI solutions to the financial markets with clear, impactful use cases. This transition is a logical step in our shared view of the dominant role that cognitive computing solutions will play in compliance. We look forward to enhancing what is already a very productive relationship and working closely with the entire Exiger team to bring critical, enterprise level solutions to the FI community.”