Wolters Kluwer Acquires Spring Programs
Financial terms of the deal were not disclosed.
Spring is an independent provider of financial regulatory reporting solutions in the UK banking market. The company provides full reporting templates and high-level input and delivery mechanisms to UK regulators.
The acquisition will enable the combined company to help more financial organizations better meet intensifying liquidity and stress testing requirements in the UK.
Springâ€™s primary product, SPRiNG, was the first software package to be developed specifically for Bank of England reporting in 1987.
Spring also provides solutions that address the financial reporting requirements of the Central Bank of Ireland, the FSA and British Bankersâ€™ Association. Additionally, Spring caters to UK Building Societies.
Wolters Kluwer Financial Services provides financial organizations solutions in three main areas which includes risk management; regulatory intelligence; and transactional and origination management.
Through its FRSGlobal solutions, Wolters Kluwer Financial Services helps financial organizations meet financial risk and regulatory reporting requirements.
Jenkyn Kennedy, director of Spring, said: â€œWe are continually looking for ways to help financial services institutions further enhance financial regulatory reporting and make the overall process more efficient.
â€œJoining Wolters Kluwer Financial Servicesâ€™ FRSGlobal business will complement this effort, allowing us to provide Spring customers with an even broader offering of risk management solutions.â€
Brian Longe, CEO of Wolters Kluwer Financial & Compliance Services, said: â€œWolters Kluwer Financial Servicesâ€™ main focus is providing financial services organizations across the globe with compliance and risk management solutions to help them understand and comply with changing regulations.
â€œThe acquisition of Spring will allow us to strengthen that commitment to UK financial services firms, which are facing dramatic changes in how regulation is structured.â€
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