byMaud Vonlanthen on 15 Nov. 2022
FICO (NYSE:FICO), a leading applied intelligence software company, has reached an agreement to transition its Siron® compliance business to IMTF. IMTF, a global leader in regulatory technology and process automation for financial institutions, and a strategic partner in the Siron business for more than 20 years, will assume responsibility for the entire Siron Anti Financial Crime business worldwide. FICO and IMTF are entering into an exclusive agreement for relevant software and intellectual property. This enables IMTF to further develop and extend the Siron Suite and to support the application and the related SaaS offering globally. The transaction includes FICO transitioning all Siron-related customer relationships and commitments to IMTF. IMTF is also buying Fair Isaac Germany GmbH.
Siron’s anti-financial crime solutions provide organizations with analytics-driven applications for end-to-end financial crime compliance. The suite includes Siron AML (Anti Money Laundering), Siron KYC (Know Your Customer), Siron EMBARGO (sanctions) and SironTCR (Tax Compliance) with associated case management and reporting.
IMTF has in-depth knowledge of both the regulatory space and the Siron product solutions. This agreement will help expand Siron customers' current investments in the Siron products with functionalities and with new innovations. IMTF's long-term roadmap is focused on increasing the precision and efficiency of all compliance solutions, along with greater flexibility and ease of adaptation to changing regulations.
“As a leader in regulatory technology, IMTF understands the complexities of financial compliance. We are proud of the work and innovation that the FICO team put into Siron to make it an industry-leading solution and the fact that this same team will be joining IMTF means that customers can rely on a seamless transition. We are confident that IMTF’s investment in the development and growth of Siron will best serve the needs of the customers and partners of the Siron business,” said Will Lansing, CEO of FICO.
Gion-Andri Büsser, CEO of IMTF adds: "The addition and combination of the Siron products with our existing – complementary - technology offers a unique opportunity to better serve our clients and move towards integrated solutions in the compliance and Regtech space. Through the transaction, we will not only be able to offer existing customers confidence, support and a long-term roadmap for their products but also increase the customer value through complementary tools, leveraging latest developments in AI and Data Science”
In addition, Sebastian Hetzler, currently Vice President of Compliance Product Management at FICO, will move to IMTF in a Co-CEO position to further strengthen the business and extend the global leadership position of IMTF in the RegTech space.
Certain statements herein may be “forward-looking” statements that involve known and unknown risks, uncertainties and other factors that may cause the actual events to be materially different from any future events expressed or implied by such forward-looking statements. Words such as “may,” “will,” “expect,” “believe,” “plan,” “intend,” “should,” “anticipate” and other similar terminology are intended to identify forward looking statements. Such forward-looking statements involve significant risks and uncertainties, including risks that the transaction will not be consummated within the expected time period, or at all, and the risk that conditions to the closing of the transaction may not be satisfied. These forward-looking statements should not be read as guarantees of future results, and will not necessarily be accurate indications of whether or not such results will be achieved, or when such results will be achieved. A number of factors could cause actual results to vary significantly from the results discussed in the forward-looking statements. These forward-looking statements reflect current assumptions and expectations regarding future events and are made as of the date hereof, and IMTF and FICO assume no obligations, except as required by law, to update any forward-looking statements to reflect new events or circumstances.
IMTF is a global leader in AML compliance and process automation for financial institutions and has been a strategic partner of Siron for over 20 years. From its headquarters in Switzerland and offices in Europe, Middle East, India and APAC, IMTF serves clients around the world. With repeatedly ground-breaking solutions, IMTF is helping to fight financial crime and to enhance the customer journey while being compliant every step of the way.
IMTF's offering includes document management solutions and key regulatory use cases to digitize back-office and compliance to improve financial institutions' bottom line.
Learn more: www.imtf.com
For IMTF news and media resources, visit: www.imtf.com/en/insights
FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956, the company is a pioneer in the use of predictive analytics and data science to improve operational decisions. FICO holds more than 200 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, telecommunications, health care, retail, transportation and supply chain, and many other industries. Using FICO solutions, businesses in more than 120 countries do everything from protecting 2.6 billion payment cards from fraud, to helping people get credit, to ensuring that millions of airplanes and rental cars are in the right place at the right time.
Learn more at: www.fico.com
For FICO news and media resources, visit: www.fico.com/news
FICO is a registered trademark of Fair Isaac Corporation in the U.S. and other countries.
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