No Layoffs after Wolters Kluwer Acquires FinArch
No layoffs are planned as a result of Wolters Kluwer Financial Services’ acquisition of FinArch, say officials at Wolters Kluwer, maker of risk management, compliance and audit solutions.As part of the agreement announced this week, Wolters Kluwer will get FinArch’s approximately 200 employees and more than 150 customers. The FinArch employees will be joining Wolters Kluwer’s new finance, risk and compliance business unit, says Raffi Festekjian, the CEO of the group.
Festekjian says there are no plans for layoffs. “Both organizations bring deep talent pools and strong expertise, and a shared vision for providing knowledge-rich solutions to meet the specific needs of financial organizations,” he says.
Wolters Kluwer officials say the acquisition will yield a combined company that can provide financial institutions with “better control, insight and management of their financial data, and ultimately, a clearer enterprise view and enhanced management of their risk and performance,” according to a statement.
The industry is recognizing the need for the convergence of risk and finance solutions, which require high-quality data and integrated data management, say Wolters Kluwer officials. Firms need an enterprise view of risk and financial management because of regulators, and will need to integrate and efficiently control their data. They will also need to improve performance via risk parameters and regulatory obligations.
FinArch makes the finance, risk and performance management solution, Financial Studio, which features general ledger and sub-ledger capabilities. Product integration with the offerings of Wolters Kluwer is in the offing.
“While we can’t provide a time-line for specific product strategies, it’s clear the combination of the two companies will add new capabilities, choices and flexibility for our customers,” Festekjian says. “Our commitment to our customers and support of our current offerings remains paramount, and we will continue to deliver the solutions that fit their specific needs.
The financial terms of the acquisition were not disclosed.
— Eugene Grygo
FircoSoft Hires MD for Push into South America
Gilberto Pacheco,
managing director,
FircoSoft
Banking veteran Gilberto Pacheco joined watch list filtering solutions provider FircoSoft as managing director on July 9, overseeing the vendor’s push into South America from new offices in São Paulo, Brazil, officials say.
Pacheco has more than 30 years of experience in the banking industry. Most recently, he served as the head of international products for corporates at Banco do Brasil’s international business division. A 17-year employee of Banco do Brazil (BB), Pacheco also served as head of SWIFT operations from 2005 to 2011 for the bank.
“I was also responsible for compliance related to foreign trade/FX transactions at the bank where we had to be compliant with central bank regulation related to those types of transactions,” says Pacheco, who was head of internal controls for foreign trade/foreign exchange operations at BB.
Pacheco was also the SWIFT User Group chairperson for Brazil from 2002 to 2006, and participated in the Payment System Restructuring Project in Brazil from 1999 to 2002, according to FircoSoft officials.
In his new position, Gilberto will be responsible for managing and expanding FircoSoft’s client base in South America.
“The 32 years of experience at BB will help me to manage the office, leverage the business and provide quality services to our customers in the region,” Pacheco adds. He will be reporting to the managing director for the Americas, based in New York.
“We are delighted to have Gilberto join the Fircosoft team to expand operations in South America and address the region’s growing demand for solutions to ensure compliance with regulations on terrorist financing and embargoes,” says Jean Losco, CEO of FircoSoft in a prepared statement. Founded in 1990, the vendor has more than 500 clients around the world.
Executive Shuffle at Temenos as CEO Steps Down
Banking software vendor Temenos Group’s now-former CEO Guy Dubois stepped down July 1 from his post, citing “personal reasons.” Dubois was replaced by David Arnott, who has served as the company’s chief financial officer (CFO) for the past 11 years, according to company officials.
Dubois’ departure comes as the vendor has forecast a 37 percent drop in license revenues during the second quarter compared to last year; license revenues slid by 16 percent in the first quarter. In addition, the company attempted to acquire banking software giant Misys, but shareholders put a stop to the process earlier this year. The company’s stock dropped more than 20 percent on July 12 after the announcement of the CEO’s exit after one year.
The company also announced changes within the operating committees of the board of directors. Max Chuard, director of corporate finance and investor relations, will fill the position of CFO, and will join the company’s executive committee. Andreas Andreades, former group CEO, will now serve as executive chairman. All appointments took effect immediately.
“We respect Guy’s decision to step down as CEO and we thank him for his contribution to the company,” says Andreades in a prepared statement. “David Arnott is a very talented and capable replacement to meet the current challenges and lead the implementation of our stated strategic priorities.”
Officials at Temenos declined to make any further comments regarding the executive shuffle. Temenos provides software systems to a variety of banks and financial institutions in more than 125 countries. Established in 1993, Temenos is headquartered in Geneva, Switzerland.
“Temenos will be announcing its Q2 2012 results after the European markets close on Wednesday 25 July,” says a Temenos spokesperson.
Ex-SEC Commissioner Joins BATS Board
A former SEC Commissioner, Paul Atkins, has been elected to the board of directors as non-executive chairman at BATS Global Markets, the equity exchange operator, officials say.
Atkins, who served with the SEC from 2002 to 2008, is the chief executive of Patomak Global Partners, a Washington, D.C.-based consultancy for financial regulatory compliance, risk and strategic matters. He also served as a member of the U.S. Congressional Oversight Panel for the TARP legislation from 2009 to 2010. Atkins began his career as a securities lawyer.
“As a longtime admirer of Paul’s approach to regulation, I am pleased that he has agreed to join our organization as the non-executive chairman of the BATS Global Markets board of directors,” says Joe Ratterman, president and CEO for BATS Global Markets in a prepared statement. “His unique experience and perspectives on the industry make him a great fit for the board of our growing company.”
—Alexa Mehraban
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