Axioma, a provider of risk management solutions for buy-side institutions, has completed its acquisition of the risk-reporting unit of ConceptONE, following its past purchase of the group’s regulatory-reporting unit back in March, according to an Axioma statement.
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ConceptONE is a global provider of back-office investment services – the group has been of repeated interest for Axioma this year, which has helped reinforce its own regulatory and risk reporting solutions. Terms of the latest acquisition with ConceptONE were not disclosed.
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The latest assimilation of ConceptONE’s risk-reporting unit will also help enable Axioma to provide a more augmented suite of services to more clients, which will range from smaller hedge funds to large asset managers. Following the transaction, ConceptONE units acquired by Axioma will henceforth be known as Axioma Reporting Solutions.
Despite the acquisition of ConceptONE’s risk-reporting and regulatory-reporting, the group’s fund services were not included in the transaction and will continue to operate as an independent entity.
According to Sebastian Ceria, Chief Executive Officer of Axioma: “The integration of ConceptONE’s regulatory- and risk-reporting businesses with Axioma Risk—our enterprise-wide risk solution—enables us to provide clients with an unparalleled and consistent view of risk and regulatory reporting that spans the entire organization, from front to middle to back office.”
“Equally important, by utilizing Axioma Risk as the underlying computational engine, we are leveraging the flexibility and power of the cloud to drive the heavy duty analytics and modelling capabilities that enable our clients to address the complex issues and challenges they face,” he added.
“I am pleased to have transferred our risk solutions business to the world-class Axioma analytics platform, which is exceedingly well positioned to serve both the needs of our clients and those of the investment community at large,” explained Ken Grant, Chairman and co-founder of ConceptONE, in an accompanying statement.