Reed Elsevier announced today it has completed the acquisition of FircoSoft, the Paris-based global sanctions screening software group. On September 3, the company had announced it was in exclusive negotiations to acquire Fircosoft.
FircoSoft will become part of Accuity, Reed Elsevier’sleading provider of global payment routing data and anti-money laundering solutions to banks and businesses worldwide. The acquisition will extend Accuity’s portfolio of next-generation products and solutions for customers within the financial market.
Hugh Jones, President and CEO of Accuity said: “FircoSoft and Accuity are two extremely strong and well-established brands in the risk and compliance sector. Bringing together these highly complementary businesses will accelerate growth, deliver the most innovative solutions to our customers and expand our reach and penetration into the global Anti-Money Laundering (AML), Know Your Customer (KYC) and regulatory compliance market within every corner of the world.
Jean Losco, CEO FircoSoft said: “In the fast growing market of preventing global financial crime, joining a very large and powerful group will accelerate our future strategic growth. This acquisition provides the opportunity to bring together our innovative product portfolios and talented teams. As part of the Accuity family, we will continue to invest and deliver solutions to cover the critical needs of our customers and build a strong foundation for future growth” FircoSoft was advised by Jefferies.
FircoSoft is the recognised leader worldwide of watch list filtering solutions. Founded in 1990, FircoSoft has a track record of partnering closely with its customers to keep ahead of regulatory changes and eliminate the risk of fines and reputational exposure.
Over 700 customers including eight of the world’s top 10 financial institutions rely on FircoSoft to filter customers and transactions against sanctions and watch lists to ensure compliance with regulations on terrorist financing and sanctions programs, and meet Know Your Customer requirements. With FircoSoft, financial institutions accurately detect listed parties, eliminating the risk of processing illegal transactions. FircoSoft is a global company with offices in New York, Tampa, São Paulo, London, Paris, Luxembourg, Zurich, Pretoria, Chennai, Singapore and Melbourne. Together with its global partner network, FircoSoft delivers ongoing services, support and expertise to 2,000 customer sites in more than 85 countries.
Accuity is a leading provider of global payment routing data, AML screening data and software and professional services that allow organizations, across multiple industries, to maximise efficiency and facilitate compliance of their transactions. Accuity maintains authoritative and comprehensive databases globally with a reputation built on the accuracy and quality of our data, products and services. For more than 150 years, Accuity’s worldwide clients, located in over 150 countries, have included C-level executives, managers and technology professionals.
About Reed Elsevier
Reed Elsevier Group plc is a world leading provider of professional information solutions. The group employs approximately 28,000 people of whom half are in North America. Reed Elsevier Group PLC is owned equally by two parent companies, Reed Elsevier PLC and Reed Elsevier NV; the combined market capitalisation of the two parent companies is approximately £20bn/€26bn. Its shares are traded on the London, Amsterdam and New York Stock Exchanges using the following ticker symbols: London: REL; Amsterdam: REN; New York: RUK and ENL.