Opus Global, Compliance and Risk Leader, Acquires Alacra
Adds leading AML, KYC capabilities to leading SaaS-based Compliance Platform
Opus Global, a leading provider of SaaS-based compliance solutions, today announced that it has acquired Alacra, Inc., a leading provider of Know Your Customer (KYC), Anti-Money Laundering (AML) and Reference Data business information solutions.
The integration of Alacra into Opus Global will create an unmatched combination of compliance data with third party management excellence and network-based information exchange. Alacra’s 170+ external providers will be able to integrate compliance data into the Hiperos Third Party Network (acquired by Opus Global in June 2014). Opus Global expects to extend the Hiperos Network to hundreds of thousands of third parties and their customers currently managed through Hiperos Software.
Alacra is a world leader in KYC, AML and Reference Data services for regulatory compliance. It is the second company to be acquired by Opus Global, following the July 2014 acquisition of third party management leader Hiperos, LLC. Opus Global was co-founded by GTCR, a Chicago-based private equity firm, and Doug Bergeron, former CEO of VeriFone. The firm is investing up to $500 million to realize its vision of an integrated SaaS platform delivering world-class compliance faster, better and at lower total cost.
“Alacra is a superb addition to Opus Global,” said Doug Bergeron, CEO and founder of Opus Global. “Alacra’s AML and KYC strengths perfectly complement our existing anti-bribery/anti-corruption capabilities. KYC has become one of the greatest compliance challenges facing financial institutions today. Rapid onboarding is vital to growing their businesses, yet the process has become increasingly onerous and unwieldy,” he continued. “Financial institutions need high quality client data delivered rapidly and processed accurately. Alacra does that better than anyone, with a blue ribbon client roster that includes many of the world’s biggest and most prestigious banks.”
Mr. Bergeron will assume the role of Executive Chairman of Alacra. Co-founders Steve Goldstein and Michael Angle will continue to serve in their existing roles.
“Alacra, combined with our existing Hiperos product offering, will enable us to further our innovation of new compliance product offerings not currently available in the market,” Bergeron continued. “Compliance will become more powerful, more manageable and easier for our customers as a result.”
“Our growing third party ecosystem is fueled by the integration of best-of-breed data, service providers and partners. It will turbo-boost the Hiperos Third Party Network on which our ecosystem is based, further catalyzing growth in third parties and compliance traffic across the network.”
“We are very excited to become part of Opus Global,” said Steve Goldstein, CEO and co-founder of Alacra. “We look forward to being an integral part of their strategy to build a world leading compliance platform. Customers will be the big winners, with faster, easier access to world class compliance data, and more ways to utilize it quickly and effectively in their compliance programs,” he continued.
“The pressure on banks to improve KYC processes is ongoing. There has been a growing need for leading edge technology to make this achievable, and Alacra provides the needed market solution. Our decision to join Opus Global provides the platform and resources to accelerate growth by further penetrating existing markets, exploring new geographies and markets, and innovating new products and services.”
Terms of the transaction were not disclosed.
Alacra has offices in New York and London, adding to existing Opus Global offices in Palo Alto, Chicago, Boston, Pittsburgh, Atlanta and Branchburg, N.J. Marlin & Associates acted as exclusive financial and strategic advisor to Alacra.