Deal Positions FIS as Premier Provider of Regulatory Compliance ServicesJACKSONVILLE, Fla.--(BUSINESS WIRE)--FIS™ (NYSE:FIS), one of the world’s largest providers of banking and payments technology, today announced that it will acquire Compliance Coach, Inc., a company that provides risk assessment software, e-learning and additional tools to enable compliance with applicable laws and regulations. The transaction is expected to close within the next 30 days and terms of the deal were not announced.
“We are very excited to add the regulatory compliance expertise that Compliance Coach brings to FIS”
This acquisition is a strategic move by FIS to enhance its overall compliance strategy. FIS will assume ownership of Compliance Coach’s flagship products that include Regulatory University, Compliance Risk Indicator (CRI) and Compliance Pal. These solutions currently support approximately 1,500 clients, including seven of the top 10 banks within the financial services industry. With the addition of these new capabilities, FIS will offer financial institutions three tiers of compliance support:
- Compliance Assistant: Provides financial institutions with compliance assistance through a basic level of compliance staff training, advice and regulatory reporting software.
- Compliance Advisor: Provides financial institutions with a trusted external compliance advisor, providing advice, training and compliance monitoring with annual independent reviews, consumer lending audits and internal risk reporting.
- Compliance Officer: Performs many of the same functions as Compliance Advisor plus Bank Secrecy Act/Anti-Money Laundering (BSA/AML) and enterprise-wide compliance risk assessment, compliance consulting, vendor relationship management, annual HDMA reviews and training for boards of directors.
“We are very excited to add the regulatory compliance expertise that Compliance Coach brings to FIS,” said Kay Nichols, executive vice president, Channel Solutions, FIS. “We firmly believe that through the addition of Compliance Coach’s strengths, FIS will become the market innovator for end-to-end regulatory compliance solutions, integrated training, risk assessments, monitoring, reporting and advice.”
FIS delivers banking and payments technologies to more than 14,000 financial institutions and businesses in over 100 countries worldwide. FIS provides financial institution core processing, and card issuer and transaction processing services, including the NYCE® Network. FIS maintains processing and technology relationships with 40 of the top 50 global banks, including nine of the top 10. FIS is a member of Standard and Poor's (S&P) 500® Index and consistently holds a leading ranking in the annual FinTech 100 rankings. Headquartered in Jacksonville, Fla., FIS employs more than 30,000 on a global basis. FIS is listed on the New York Stock Exchange under the “FIS” ticker symbol. For more information about FIS see www.fisglobal.com.
Forward-Looking Statement
This news release contains forward-looking statements that involve a number of risks and uncertainties. Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements. Forward-looking statements are based on management's beliefs, as well as assumptions made by, and information currently available to, management. Because such statements are based on expectations as to future economic performance and are not statements of fact, actual results may differ materially from those projected. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. The risks and uncertainties which forward-looking statements are subject to include, but are not limited to: changes in general economic, business and political conditions and other risks detailed in the “Statement Regarding Forward-Looking Information,” “Risk Factors” and other sections of the Company’s Form 10-K and other filings with the Securities and Exchange Commission.
Contacts
Marcia Danzeisen, 904.854.5083
Senior Vice President
FIS Global Marketing and Communications
marcia.danzeisen@fisglobal.com
or
Mary Waggoner, 904.854.3282
Senior Vice President
FIS Investor Relations
mary.waggoner@fisglobal.com
Senior Vice President
FIS Global Marketing and Communications
marcia.danzeisen@fisglobal.com
or
Mary Waggoner, 904.854.3282
Senior Vice President
FIS Investor Relations
mary.waggoner@fisglobal.com
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