Wolters Kluwer Financial Services acquires Spring Programs Ltd

Wolters Kluwer Financial Services, a comprehensive regulatory compliance and risk management business, has acquired Spring Programs Ltd (Spring). Spring is an independent provider of financial regulatory reporting solutions in the UK banking market. Wolters Kluwer Financial Services will undertake the investment via its FRSGlobal business.

Wolters’ FRSGlobal business provides a unified regulatory reporting and risk management solution for financial organizations across the globe. Spring provides full reporting templates and high-level input and delivery mechanisms to UK regulators. The acquisition will enable the combined company to help more financial organizations better meet intensifying liquidity and stress testing requirements in the UK.

Steve Husk, CEO of FRSGlobal, said of the investment that the introduction of the Financial Services Authority (FSA) liquidity regime with mandatory stress testing has begun to change the regulatory reporting landscape dramatically across the UK. Mr Husk noted that together with Spring, FRSGlobal can provide the most comprehensive financial risk and reporting solutions for UK financial firms of all sizes.

With the combination of the FRSGlobal and Spring businesses, Wolters Kluwer Financial Services is the number one supplier of regulatory reporting solutions in the UK market.

Spring’s primary product, SPRiNG, was the first software package to be developed specifically for Bank of England reporting in 1987. Five of the six largest UK banking groups use SPRiNG to report to the regulator. Spring also provides solutions that address the financial reporting requirements of the Central Bank of Ireland, the FSA and British Bankers’ Association. Additionally, Spring caters to UK Building Societies.

 Wolters Kluwer Financial Services provides financial organizations solutions in three main areas: risk management; regulatory intelligence; and transactional and origination management. Through its FRSGlobal solutions, Wolters Kluwer Financial Services helps financial organizations meet financial risk and regulatory reporting requirements.

More than 15,000 financial services organizations worldwide trust Wolters Kluwer Financial Services to provide them with solutions to effectively manage operational, compliance and financial risk across their business.

Jenkyn Kennedy, director, Spring noted that the firm is continually looking for ways to help financial services institutions further enhance financial regulatory reporting and make the overall process more efficient. As such, joining Wolters Kluwer Financial Services’ FRSGlobal business will complement this effort, allowing Spring to provide its customers with an even broader offering of risk management solutions.
 
Brian Longe, CEO of Wolters Kluwer Financial & Compliance Services, commented that the firm’s main focus is providing financial services organizations across the globe with compliance and risk management solutions to help them understand and comply with changing regulations.

14th April 2011