KUALA LUMPUR, March 8 (Bernama) -- MCO (MyComplianceOffice), a global provider of conduct risk and compliance technology, has announced the execution of an agreement for the acquisition of Schwab Compliance Technologies (SCT).
SCT serves some 700 clients providing a SaaS solution that automates asks associated with monitoring employee trading activity and efficiently administering a firm's Code of Ethics.
The acquisition, expected to close in mid-2022, will bring together a highly complementary set of products, customers and employees to accelerate MCO growth; ensure that SCT clients and staff are part of a company dedicated to expanding and investing in this market; and, cement MCO’s market position as a leader in conduct risk technology.
With offices in the US, Ireland, India and Singapore, MCO and SCT combined will be supporting over 1,200 clients in over 100 countries worldwide, according to a statement.
MCO CEO, Brian Fahey said: “We are excited to welcome SCT, its team and customers to the MCO family. Following the deal close, this acquisition will be a great fit as we share many values, and our teams share a common vision.
“We believe that, by combining SCT’s client experience and wide domain knowledge with MCO’s functionality-rich technology platform, we can bring together the best of both firms’ offerings, ensuring our customers benefit from best-in-class KYE compliance.”
Rumi Kuli, Director, Schwab Compliance Technologies adds: “With MCO’s commitment and investment in this space combined with its culture and technology focus, we believe our team and clients will be the ultimate beneficiaries of this acquisition. Schwab will work closely with MCO to ensure a smooth transition.”
For now, the plan is business as usual for both firms. Following the close, MCO will work closely with Schwab to ensure a smooth, effective transition for SCT clients.
-- BERNAMA
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