3rd Sep 2014 09:49
LONDON (Alliance News) - Reed Elsevier PLC said Wednesday that it has entered into exclusive negotiations to acquire Paris-based sanctions screening software company FircoSoft SA.
Reed Elsevier plans to combine the business with its Accuity global payment routing data and anti-money laundering operations.
The acquisition is subject to a successful consultation with FircoSoft's works council, the company said. FircoSoft is owned by private equity firm Keensight Capital and Paris Orléans, the parent company of the Rothschild group, as well as the FircoSoft management team.
No financial details of the proposed acquisition were disclosed.
"The combination of FircoSoft and Accuity will bring best-in-class solutions that will enable customers to achieve their sanctions screening, Anti-Money Laundering and Know Your Customer requirements with a level of precision and efficiency that has never been experienced before," said Chief Executive of Accuity Hugh Jones in a statement.
Shares in Reed Elsevier were trading up 1.1% at 1,003.00 pence Wednesday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Relx