Client relationship management (CRM) solutions provider Tier1 Financial Solutions has snapped up Alessa, a developer of compliance and financial crime prevention solution, for an undisclosed amount.
Several banks, credit union, money services businesses (MSBs), casinos and fintechs use Alessa’s solution to comply with global anti-money laundering (AML) regulations.
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The solution is also used by organisations across retail, healthcare, insurance and other corporate sectors for fraud prevention.
Through the acquisition, Tier1 anticipates significant growth to its portfolio of solutions to meet its goal for digital transformation of processes within organisations for better client insights, revenue protection, regulatory compliance and AI-driven automation.
The company believes that the deal is the next step towards digitalisation of the complete client relationship workflow.
The deal is expected to boost operational efficiency and reduce regulatory compliance risk. It is said to result in a ‘single source of truth’ of client data across various financial institutions including international banks to small, local trading firms.
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By GlobalDataTier1 CEO Jiro Okochi said: “Regulatory requirements are no longer just a bank compliance department issue but an important part of front-office workflow and client lifecycle management.
“We are very excited about joining forces with Alessa and together accelerating the digital transformation of our client’s transactional workflow.”
Tier1 will absorb Alessa into its product suite. The firm’s co-founders Mark Notten and Phil Dias will continue as board member and serve as board adviser, respectively.
Alessa operations COO Andrew Simpson said: “We are excited to be part of the Tier1 family as this allows us to be even more aggressive in our barrier-breaking mindset to deliver powerful solutions to the multi-billion-dollar compliance and fraud prevention market.
“All our customers, partners and team members will benefit from this acquisition as it enables us to accelerate delivery on our bold promises.”
Andrew Simpson will retain his role and report to Okochi.
