Wolters Kluwer Financial Services, a comprehensive regulatory compliance and risk management business, has acquired Spring Programs Ltd. (Spring), an independent provider of financial regulatory reporting solutions in the UK banking market. Wolters Kluwer Financial Services is acquiring Spring through its FRSGlobal business, which provides a unified regulatory reporting and risk management solution for financial organisations across the globe. The terms of the deal were not disclosed.
“The introduction of the Financial Services Authority (FSA) liquidity regime with mandatory stress testing has begun to change the regulatory reporting landscape dramatically across the UK,” said Steve Husk, CEO of FRSGlobal. “Together with Spring, we can provide the most comprehensive financial risk and reporting solutions for UK financial firms of all sizes.”
Spring’s primary product, SPRiNG, was the first software package to be developed specifically for Bank of England reporting in 1987. Five of the six largest UK banking groups use SPRiNG to report to the regulator. Spring also provides solutions that address the financial reporting requirements of the Central Bank of Ireland, the FSA and British Bankers’ Association. Additionally, Spring caters to UK Building Societies.
“Wolters Kluwer Financial Services’ main focus is providing financial services organisations across the globe with compliance and risk management solutions to help them understand and comply with changing regulations,” said Brian Longe, CEO of Wolters Kluwer Financial & Compliance Services. “The 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.”
UK, London & Gloucestershire, England