ACA Group can expand into the UAE and broaden its offerings to U.K. firms via the acquisition.
ACA Group, a governance, risk, and compliance (GRC) solutions provider, is moving into the Middle East via the acquisition of the Effecta Compliance Group, a regulatory consultancy with financial services clients in the United Kingdom (U.K.) and the United Arab Emirates (U.A.E.), officials say.
Effecta specializes in providing authorization, advisory, and regulatory project management services to asset managers, brokers, exchanges, fintech, and others. Effecta also offers consulting in anti-money laundering (AML), compliance advisory, outsourcing, and prudential requirements.
“The acquisition is a strategic move to initiate ACA’s presence in the Middle East and equips ACA to meet the growing GRC needs of its international clients expanding, or already present in the UAE. The acquisition also broadens ACA’s service offering to U.K. firms as they navigate increasingly complex compliance requirements,” according to the official announcement.
Officials are declining to disclose the financial terms of the agreement.
The acquisition will introduce Effecta clients to ACA’s advisory support, managed services, and technology, officials say.
ACA has 10 offices globally, including offices in the DIFC in Dubai, the ADGM in Abu Dhabi, and its headquarters in New York City. ACA also has offices in London, Malta, Pune, and across the U.S.
“The acquisition of Effecta significantly enhances our ability to support clients as they look to launch, grow, and protect their presence in the rapidly developing financial centers of the UAE,” says Patrick Olson, CEO of ACA, in a prepared statement.
The founder of the Effecta Compliance Group Clare Curtis is the new head of the new brand ACA Effecta and Middle East Regulatory Advisory Group.
Curtis, who has more than 20 years of experience in regulatory compliance for financial services firms in the U.K. and the Middle East, will manage ACA Effecta in the UAE. His experience includes work with investment banks, asset managers, corporate finance, broker-dealers, and exchanges, officials say.
More international firms are expanding into the UAE, according to the Dubai Financial Services Authority (DFSA).
The DFSA in 2023 received a record-breaking 157 applications to do business in the UAE. That surge marks “a 45 percent increase compared to the prior year and the highest number of submissions in this five-year period,” officials add.
ACA Group has 1,250 employees, which includes former regulators and practitioners, according to the company.
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