| Norkom Technologies acquires European risk management firm DATA4s | | Print | |
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Norkom Technologies and DATA4s today announced a definitive agreement under which Norkom acquires all DATA4s shares. Under the terms of the deal the acquisition of DATA4S was primarily paid for through new shares issued by Norkom. The new combined entity will operate under the Norkom name and brand. This transaction joins two of the strongest-performing companies in enterprise risk management and compliance solutions, with highly complementary products, distribution channels, and talent pools. "By consolidating two leading European players, this acquisition will accelerate Norkom's position as the number one European player in the risk management, fraud and compliance marketplace. The strength and depth of the DATA4s' organization will provide the foundation to build out an even stronger position for Norkom in the continental European market." said Paul Kerley, CEO of Norkom Technologies. "Given the synergies that exist between our two companies - complementary technologies, experienced management teams, market penetration- this is a textbook acquisition, whereby both companies are stronger and more profitable together, rather than operating in isolation," added Paul Kerley. Norkom's acquisition of DATA4s validates Norkom's commitment to provide its European customers with a partner organization that is close to their home markets with multi-lingual capabilities and impressive referenceable clients with major software implementations. The combined client list will include many of the top European financial service institutions including Allied Irish Bank, Fortis Bank, HSBC, KBC Bank, National Australia Bank Europe, Rabobank and Visa EU. "We are delighted at the prospect of joining the Norkom team, and feel this is a perfect fit from a product and market perspective," said Herman Verrelst, formerly DATA4s' chief executive officer, who will be joining the executive team of Norkom as Director of European Operations. "The global market for risk management IT spending in the financial services industry is believed to be worth in excess of 4 billion Euro world-wide and is growing rapidly partly as a result of new regulations to combat terrorism. "Financial Services firms in Continental Europe are in unique position because of the specific demands of combining cross European and local regulations. In addition, there is a growing demand for multi-channel fraud detection systems, covering credit card, debit card. ATM, check, deposit and Internet banking fraud. DATA4s significantly strengthens Norkom's solutions and provides enhanced and additional expertise in support of the plans for even greater expansion in this accelerating market." The DATA4s organization will continue to operate from its Belgium offices and will be rebranded Norkom Europe. No disruption of operations is planned or expected in any sense. Instead, the current pace of market is driving for continued investment and will lead to increased headcount in both operations. Both product sets will continue to be developed and supported and will be fully integrated into one common solution over a 12 to 18 month period. |
