ACA Group has wrapped up the previously announced merger with US-based governance, risk, and compliance (GRC) solutions provider Foreside Financial Group.
The deal was announced in November 2021 and its financial terms were not disclosed by the parties.
Genstar Capital, which invested in Foreside Financial in 2021, will be the majority owner of the combined entity. This is after the private equity firm acquires a controlling interest in ACA Group from Starr Investment.
The combined company, which will operate as ACA, is expected to be among the largest providers of tech-enabled GRC solutions in the world. It will serve the financial services industry with GRC consulting, managed services, technology, analytics, and outsourcing solutions.
To be led by Shvetank Shah in the role of CEO, the enlarged ACA will have a workforce of more than 1,250 employees. It will have 18 offices around the world and will cater to more than 6,300 clients.
Shah said: “Clients are looking for a comprehensive, one-stop solution for their GRC needs and we are thrilled to step up to the plate together to make GRC a competitive advantage for our clients.
“Foreside and ACA have earned outstanding reputations and our aligned vision and culture, client-centric focus, and commitment to innovation will help our customers navigate their most complex GRC challenges.”
Foreside’s distribution business will change its name to ACA Foreside and will become a unit under ACA.
According to ACA, the combination of its technology, regulatory compliance, ESG, cybersecurity, and performance capabilities with the distribution and broker-dealer capabilities of Foreside Financial creates an end-to-end GRC platform.
Foreside Financial former president and ACA global services leader David Whitaker said: “Together we will create an industry leader that meets client needs today and can adapt to changing needs in the future through state-of-the-art product innovation.
“The combination of ACA and Foreside will bring more diverse and robust offerings, and our platform architecture will offer leading financial firms the widest scope and acumen of services and technology to meet their regulatory requirements.”
