CorporateFinanceComplianceInvestorsJuly 19, 2013

Wolters Kluwer Financial Services acquires the SVENSON financial reporting products of SmartStream

The SVENSON product suite is built on a strong platform to support automated and integrated regulatory reporting and risk management.

Financial organizations with operations in Austria are expected to meet the growing requirements of the country’s three regulators - Austrian National Bank (OeNB), Financial Market Supervisory Authority (FMA) and Insurance Supervisory Authority (VAB). In addition to local regulatory obligations, firms in Austria are also required to submit European Central Bank (ECB) reports such as monetary statistics (MONSTAT), interest rate pricing list statistics (ZINSSTAT), minimum reserves and loan origination statistics. This national and regional regulatory pressure has led to an increased need for comprehensive reporting and risk solutions.

The SVENSON product suite is built on a strong platform to support automated and integrated regulatory reporting and risk management. The modules include:

  • SVENSON LiMON to monitor the regulatory and individual limits
  • SVENSON xCHECK for trend and deviation analysis
  • Reporting coverage across the OeNB, FMA and VÖBB regulatory requirements
  • SVENSON ICAAP for regulatory analysis of risk monitoring.

“The global financial crisis, globalization, and increasing regulatory scrutiny have created challenges for financial organizations and that is no exception for firms operating in Austria and the surrounding area,” said Raffi Festekjian, CEO of the Finance Risk & Compliance unit of Wolters Kluwer Financial Services. “These pressures require intelligent and comprehensive solutions and services to address the complexities of a rapidly evolving regulatory environment. Together, we will continue to provide customers with comprehensive support, and global regulatory, finance and risk management solutions.”

“As the leading regulatory reporting solution suite in Austria, SVENSON has been enabling firms in the region to navigate the regulatory landscape for many years, and will continue deliver value to its customers as it becomes part of Wolters Kluwer Financial Services,” said Christian Schiebl Executive vice president, SmartStream and Managing Director SmartStream Technologies Vienna.

The acquisition is expected to close this summer. Terms of the deal were not disclosed.

About Wolters kluwer

Wolters Kluwer (WKL) is a global leader in professional information, software solutions, and services for the health, tax & accounting, governance, risk & compliance, and legal & regulatory sectors. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with specialized technology and services.

About Wolters kluwer

Wolters Kluwer (WKL) is a global leader in professional information, software solutions, and services for the health, tax & accounting, governance, risk & compliance, and legal & regulatory sectors. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with specialized technology and services.

Forward-looking statements and other important legal information
This report contains forward-looking statements. These statements may be identified by words such as “expect”, “should”, “could”, “shall” and similar expressions. Wolters Kluwer cautions that such forward-looking statements are qualified by certain risks and uncertainties that could cause actual results and events to differ materially from what is contemplated by the forward-looking statements. Factors which could cause actual results to differ from these forward-looking statements may include, without limitation, general economic conditions; conditions in the markets in which Wolters Kluwer is engaged; behavior of customers, suppliers, and competitors; technological developments; the implementation and execution of new ICT systems or outsourcing; and legal, tax, and regulatory rules affecting Wolters Kluwer’s businesses, as well as risks related to mergers, acquisitions, and divestments. In addition, financial risks such as currency movements, interest rate fluctuations, liquidity, and credit risks could influence future results. The foregoing list of factors should not be construed as exhaustive. Wolters Kluwer disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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