|Acquisition will extend Verisk's expertise in development of products and data solutions designed to meet the regulatory compliance needs of financial institutions in multiple geographies|
JERSEY CITY, N.J., Feb 27, 2017 - (ACN Newswire) - Verisk Analytics, Inc. (Nasdaq:VRSK), a leading data analytics provider, has signed an agreement to acquire Fintellix, a Bangalore-based data solutions company specializing in the development of data management platforms and regulatory reporting solutions for financial institutions. Fintellix will become part of Argus, a Verisk Analytics business.
"Companies across the globe are looking to integrate their enterprisewide data capabilities while addressing the broadening regulatory requirements of the markets in which they operate," said Nana Banerjee, group president at Verisk Analytics. "The acquisition of Fintellix positions Verisk and Argus to expand our data hosting and regulatory platforms and better address the increasingly complex needs of our clients."
"The solutions offered by Fintellix enable financial institutions to leverage their current investments in core operating systems and infrastructure in a robust, agile, and scaled manner," said Vivek Subramanyam, chief executive officer of Fintellix. "The entire Fintellix team is excited about becoming part of the Verisk family."
"Fintellix and its advanced data management platform, along with its regulatory reporting expertise, will be a valuable addition to both Argus and Verisk Analytics," added Scott Stephenson, chairman, president, and chief executive officer of Verisk Analytics.
The transaction is subject to the completion of customary closing conditions.
Founded in 2006, Fintellix enables agility in risk and regulatory reporting practices in enterprise banks and lowered cost of compliance. Fintellix provides analytics, risk, and compliance solutions for the banking sector. It offers a banking data management infrastructure for data management and processing, content management and administration, and content and collaboration. The company also offers products such as Fintellix Compliance, which provides regulatory reporting, Fintellix Risk, and Fintellix Analytics. In addition, the company provides information management services, such as strategy consulting, architecture consulting, design and development, and managed services. For more information, please visit www.fintellix.com.
Argus is a one-of-a-kind leading provider of information, scoring solutions, and advisory services to financial institutions across the globe. Our client base ranges from financial institutions and their regulators to various companies across the media industry and beyond. We maximize the value of data by transforming it into insightful information and analysis that assist our clients in understanding their market contribution, managing and mitigating risk (default, fraud, funding, and compliance), and capitalizing on their financial objectives. Argus, a Verisk Analytics business (Nasdaq:VRSK), is headquartered in White Plains, New York, with additional offices in San Francisco, Sao Paulo, Sydney, Melbourne, and London. For more information, please visit www.argusinformation.com.
About Verisk Analytics
Verisk Analytics (Nasdaq:VRSK) is a leading data analytics provider serving customers in insurance, natural resources, and financial services. Using advanced technologies to collect and analyze billions of records, Verisk Analytics draws on unique data assets and deep domain expertise to provide first-to-market innovations that are integrated into customer workflows. Verisk offers predictive analytics and decision support solutions to customers in rating, underwriting, claims, catastrophe and weather risk, global risk analytics, natural resources intelligence, economic forecasting, and many other fields. Around the world, Verisk Analytics helps customers protect people, property, and financial assets.
Headquartered in Jersey City, N.J., Verisk Analytics operates in 27 countries and is a member of Standard & Poor's S&P 500(R) Index. In 2016, Forbes magazine named Verisk Analytics to its World's Most Innovative Companies list and to its America's Best Large Employers list. Verisk is one of only 14 companies to appear on both lists. For more information, please visit www.verisk.com.
Director, Investor Relations and Strategic Finance
Verisk Analytics, Inc.
MWW Group (for Verisk Analytics)
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The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Verisk Analytics Inc. via Globenewswire
Feb 27, 2017 20:30 HKT/SGT
Topic: Merger & Acquisition
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