With the acquisition of Alessa, Tier1 will expand its portfolio of digital transformation solutions for client engagement, operational efficiency and regulatory compliance
Tier1 acquires software solution Alessa. (Credit: Free-Photos from Pixabay.)
Tier1 Financial Solutions, a provider of client relationship management (CRM) solutions, has acquired Alessa, a compliance and financial crime prevention solution.
Alessa is an AML compliance, controls monitoring and fraud prevention solution, intended for application in banking, insurance, fintech, healthcare, gaming, manufacturing, retail and other corporate fields.
The solution is expected to strengthen Tier1’s portfolio of solutions to digitally transform processes within organisations for enhanced client insights, revenue protection, regulatory compliance and AI-driven automation.
In addition to enhancing the operational efficiency and reduce regulatory compliance risk, the acquisition is also expected to facilitate the ‘single source of truth’ of client data across the different financial institutions.
Also, bank customers are expected to enjoy an enhanced on-boarding experience, where the regulatory compliance is delayed with too many manual processes can be frustrating, said the company.
Tier1 Financial Solutions CEO Jiro Okochi said: “Regulatory requirements are no longer just a bank compliance department issue but an important part of front-office workflow and client lifecycle management. We are very excited about joining forces with Alessa and together accelerating the digital transformation of our client’s transactional workflow.”
Tier1 said that the acquisition of Alessa, with continuous controls monitoring and fraud prevention capabilities, will complement its efforts to digitalise the entire client relationship workflow.
With the transaction, Alessa will become part of the Tier1 branded product suite.
Alessa operations chief operating officer Andrew Simpson will continue in his role, reporting to Tier1 Financial Solutions CEO Jiro Okochi, who recently assumed the role this month.
Also, co-founders Mark Notten and Phil Dias are expected to continue with the firm, as a board member and become a board advisor, respectively.
Portico Capital served as exclusive financial advisor to Alessa for the transaction, while Wavecrest Growth Partners, one of Tier1 Financial Solutions investors served as business advisors to Tier1.
Andrew Simpson said: “We are excited to be part of the Tier1 family as this allows us to be even more aggressive in our barrier-breaking mindset to deliver powerful solutions to the multi-billion-dollar compliance and fraud prevention market.
“All our customers, partners and team members will benefit from this acquisition as it enables us to accelerate delivery on our bold promises.”