Norkom buys risk management firm

17 Nov 2004

Irish software firm Norkom Technologies has announced that it has acquired Belgium-based risk management outfit DATA4s for an undisclosed amount. The acquisition was primarily paid for through new shares issued by Norkom. The new combined entity will operate under the Norkom name and brand.

A statement from Norkom said the transaction would join two of the strongest performing companies in enterprise risk management and compliance software, with complementary products, distribution channels and talent pools.

“Given the synergies that exist between our two companies – complementary technologies, experienced management teams, market penetration – this is a textbook acquisition, whereby both companies are stronger and more profitable together, rather than operating in isolation,” said Paul Kerley, CEO of Norkom Technologies. “This acquisition will accelerate Norkom’s position as the number one European player in the risk management, fraud and compliance marketplace.”

The combined client list includes many of the top European financial service institutions including AIB, Fortis Bank, HSBC, KBC Bank, National Australia Bank Europe, Rabobank and Visa EU.

Herman Verrelst, formerly DATA4s’ chief executive officer, is to join the Norkom executive team as director of European Operations. The DATA4s organisation will continue to operate from its Belgium offices and will be rebranded Norkom Europe. Both product sets will continue to be developed and supported but the intention is to integrate them into one common solution over a 12 to 18 month period.

Founded in 1998, Norkom became one of the fastest growing Irish software firms during the technology boom focusing on the business intelligence area. Following the downturn, it has successful reoriented itself towards the burgeoning compliance and risk management market.

By Brian Skelly