ACA Compliance Group has agreed to acquire Cordium, a London-based provider of governance, risk and compliance (GRC) services to the asset management and securities industry, for an undisclosed sum.

Apart from London, Cordium also has presence in New York, Boston, San Francisco, Malta and Hong Kong.

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The companies said that the transaction will facilitate “further product innovation and global expansion”.

The deal will add Cordium’s compliance, cybersecurity, software, regulatory hosting, tax and regulatory reporting services to ACA’s offerings.

Cordium’s regulatory hosting platform Mirabella, along with a post-Brexit EU office will also be added to ACA’s suite as of the acquisition.

The merged entity will have a global client base of over 4,000 and a workforce of around 700.

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ACA Robert Stype CEO said: “Cordium’s expertise, technology strengths and shared culture will greatly expand how we service and deliver our solutions to clients. By blending the delivery of innovative technology, depth of knowledge, and exceptional client service, we can help our clients further enhance their approach to GRC.

“As two leaders in the space, working as one will allow us to innovate faster and deliver more value to clients.”

The deal is expected to be completed in the middle of this year, subject to regulatory nod.

Cordium group CEO Doug Morgan said: “With the existing strengths and capabilities of Cordium and ACA, the market can expect an unprecedented level of GRC support, built by integrating the resources, expertise and technology of both companies.”