Indian IT firm Religare Technova has moved to gain a foothold in the risk management sector by buying a stake in the parent company of specialist Chase Cooper and forming a strategic partnership. Financial terms were not disclosed.
Through its Religare Technova Global Solutions (RTGS) unit - which provides IT to capital markets firms - the Indian firm says it has taken a "major equity stake" in Chase Cooper's parent holding company.
RTGS says the risk sector is a key strategic market and a natural expansion of its offerings such as Nova, a clearing and settlement system and TradeAnywhere an online and institutional trading system
With the increasingly stringent capital adequacy requirements required by global regulators and international standards such as Basel II, the recent global financial crisis has highlighted the need for organisations to focus on their governance risk and compliance (GRC) framework and processes, says RTGS.
By teaming with Chase Cooper, it hopes to access this market. The London-based company has 80 firms using its flagship software, aCCelerate, which is installed in over 50 countries.
Ralph Horne, CEO, RTGS, says: "The partnership with Chase Cooper expands our global reach to financial institutions, it enhances our solutions portfolio through the addition of risk and compliance solutions and it gives us access to domain expertise and a greater presence in the United Kingdom which will be the management centre of our Europe, Middle East and African operations."
John Kiddy, CEO, Chase Cooper, adds: "Leveraging the international network and resources of Religare Technova will enable us to accelerate our expansion plans into new markets such as North America and Asia and to drive deeper into our existing markets in Europe, Middle East and Latin America."