FRS to buy Providus compliance software

FRS will offer the Providus Risk Resolve compliance software as part of its FinancialAnalytics product suite. Risk Resolve was released in 2003 in response to new rules on institutional risk contained in the Basel II and Sarbanes-Oxley frameworks.

The company expects rapid growth in the market in the next four years.

FRS will pay $800,000 cash for Providus' intellectual property and customers, and some of its assets and executives. It will also pay an undetermined earn-out based on licence sales. Existing Risk Resolve customers include Calyon, the National Bank of Canada, and the Union Bank of California.

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