The financial industry has a new source of risk and compliance
systems. Fortent, based in New York, opened June 28, backed by
Warburg Pincus, a prominent private equity investor with a strong
track record in the tech sector. Also in the Warburg Pincus
portfolio are treasury and capital markets software developer Wall
Street Systems, electronic billing provider Yodlee and supply-chain
technology specialist TradeCard.
Warburg Pincus forged Fortent out of two vendors: Searchspace,
an anti-money-laundering (AML) systems company, and Semagix, which
provides know-your-customer (KYC) software. The combination is
positioned as an alternative to the segmented product offerings
that characterize the market for AML systems and those for
combating terrorist financing (CTF). By covering a broader, AML-CTF
spectrum, Fortent wants to be a one-stop shop in an otherwise
fragmented business. The American Bankers Association has already
given an endorsement to Searchspace. Fortent has also formed a
global strategic alliance with IBM. Joint IBM and Fortent customers
include Société
Générale of Paris, Fifth Third Bank of
Cincinnati and Lloyds TSB of London. |
