Capgemini to buy FCC division of Exiger
By MYBRANDBOOK
Capgemini has signed an agreement for the acquisition of the Financial Crime Compliance (FCC) division of Exiger.
The FCC division’s deep-domain capabilities and advisory board of ex-regulators, combined with Capgemini’s network of alliances, will enable the Group to orchestrate an end-to-end ecosystem to drive advisory led transformation in financial crime compliance, a high priority agenda item in financial services today.
This acquisition will strengthen the Group’s offerings in financial crime, risk management and regulatory compliance services. The transaction is due to close in the coming months.
“As financial crime compliance requirements evolve, many banks are struggling to keep pace with changing regulations and cost of compliance,” comments Kartik Ramakrishnan, Deputy CEO of Capgemini’s Financial Services and member of the Group Executive Committee. “This practice brings to Capgemini deep domain regulatory expertise to help us to further address growing client demand for these services. Their capabilities are highly complementary to Capgemini’s renewed market focus to drive transformation in partnership with CxOs. I am delighted to welcome them to the team.”
Founded in 2013, the FCC division of Exiger comprises a team of experts located in North America, EMEA and APAC. This team specializes in advisory, analytics and managed services relating to anti-money laundering, Know Your Customer (KYC), anti-bribery & corruption, suspicious activity monitoring, sanctions, transaction monitoring, and fraud. Its client roster is highly complementary to Capgemini’s and includes major players in banking, capital markets and fintechs.
“In an industry where compliance processes are still very manual, the end-client experience is an ongoing struggle. The cost of compliance continues to increase to keep up with evolving regulations. Yet the financial system stops only a fraction of illicit financial flows. The financial services industry is therefore poised to adopt expert-driven data and technology powered solutions to enable end-to-end FCC transformation,” said Samar Pratt, President of the FCC Division of Exiger. “Capgemini’s strategic business transformation services coupled with its global scale, partner ecosystem and well-established financial services expertise, were a very attractive proposition for our global team, as well as for our current clients. Not only do we share geographic locations, our teams have many common values and our cultures are closely aligned. We are excited to be joining the Group.”
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