Lombard Risk Management has acquired the regulatory reporting business of SOFGEN Holdings for a total consideration of $4,250,000 payable in a combination of cash, loan notes and equity.
The main part of the business acquired, which in the past was known in the US regulatory market as IDOM USA, is the US and Canada regulatory reporting product REG-Reporter.
The combined business now has more than 250 regulatory reporting clients for bank regulatory reporting around the world.
Lombard Risk CEO John Wisbey said that this gives them critical mass in the important North American marketplace, both for foreign and domestic banks in the US. They already had this for collateral management but they now have it for regulatory reporting.
"This acquisition will allow us to serve our global clients better with more ability to conclude deals in multiple countries and continents," added Wisbey.