DUBLIN, July 31 /PRNewswire/ -- Norkom Technologies, the leadingprovider of financial crime and compliance software to the global financialservices industry, has today announced the acquisition of US based DigitalHarbor; a company whose solution set and domain expertise complements itsown. The deal will expand Norkom's client base, accelerate its globalgrowth strategy and fast track Norkom's stated objective to become the"gold standard" solution for financial crime and compliance globally. Norkom's client base now includes four of the world's top 7 financialservices institutions and more than 50 institutions in total. DigitalHarbor brings leading tier one financial services institutions into theNorkom fold, which already includes HSBC, Credit Agricole, Rabobank, Bankof Montreal, DTCC and Western Union. In addition, strong partnershipagreements with IBM and eFunds Corporation - the payments solutionscompany, will accelerate Norkom's growth in a financial crime andcompliance marketplace that's expected to almost double in size toUS$917million by 2010. In addition to bolstering Norkom's market share and growth theacquisition of Digital Harbor and the combined strength of the twocompanies' solutions will accelerate delivery of Norkom's strategic productroadmap enabling clients to benefit from a world class enterprise solutionwhich will improve the quality and efficiency of financial crimeinvestigation units while proactively reducing operational costs. "Market research tells us that 73% of leading financial organizationsare adopting or plan to adopt an enterprise wide approach to financialcrime and compliance management across global geographies, product sets andchannels," says Norkom's CEO Paul Kerley. "Digital Harbor has particularexpertise in user interface design and enterprise wide case management,which complements our own skills in enterprise wide detection, profiling,investigation and process automation. This will allow us to fast track ourdelivery of best in class solutions and achieve our objective of becomingthe industry's gold standard". CEO of Digital Harbor, Brett Jackson, comments: "Norkom and DigitalHarbor were among the first to recognize that organizations moving towardsan enterprise wide approach would be challenged by their existingtechnology investments which, typically, support isolated business unitsand lack the ability to share information. Our two organizations havepursued common strategies, developing solutions that consolidateinformation from disparate systems to achieve an enterprise wide approachwithout significant technology re-investment. Our combined expertise andexperience in this area gives companies a speedy and effective route to thebenefits of enterprise financial crime and compliance management." Norkom has acquired the total business of Digital Harbor for $36.5million cash. Digital Harbor has 74 employees, who will now be part ofNorkom. "The experience and domain expertise of Digital Harbor's people isa perfect match for our own and will supplement our position as experts inthe field," says Kerley. In 2007 Norkom was awarded 'Best Technology Solution' in Complinet'sannual compliance excellence awards while a survey of leading financialinstitutions across North America, Europe and Asia carried out byOperational Risk & Compliance, named Norkom as the world's number onesupplier of anti-fraud and anti-money laundering software solutions. Thecompany's leadership position was also confirmed by a comprehensive marketreport by international Research firm, Celent, which concluded that Norkom"outclassed its competitors. Notes for Editors About Norkom Norkom Technologies is a leading provider of financial crime andcompliance solutions to the global financial services industry. Itssolutions enable organizations to detect and combat financial crime,reducing their operational losses, and addressing the industry'sever-changing compliance and regulatory requirements. Its software suite isunderpinned by a common technology platform which can be configured todetect and investigate multiple types of crimes. Norkom provides theinfrastructure for an end-to-end financial crime strategy while offering arange of solutions to address immediate business issues such as anti moneylaundering, watch list management, card fraud, ID theft, internal fraud,market abuse or customer due diligence. Norkom's approach reduces totalcost of ownership and protects clients from large-scale technologyinvestments with every new type of regulation or crime. Founded in 1998, Norkom has operations across North America, Europe andAsia Pacific. Clients include: HSBC, Credit Agricole, Fortis, Rabobank,Standard Chartered Bank, Erste Bank Group, Travelex, the New York ClearingHouse, Bank of Montreal Financial Group, Allied Irish Bank, KBC Bank, DTCC,Raiffeisen and National Australia Bank Group. For more information please visit
Norkom Technologies Consolidates Global Leadership & Accelerates Growth With Acquisition of Digital Harbor
August 08, 2007, 1:08 a.m. EDT 4 Min Read
