Fenergo and Arachnys forge strategic partnership
The agreement will integrate Arachnys’ due diligence research and management solution within Fenergo’s end-to-end on boarding workflow. The combination of Arachnys search, audit trail and reporting functionality with Fenergo’s regulatory rules and risk scoring engine will give financial institutions, namely investment, corporate and private banks, a comprehensive know your customer (KYC) and CLM solution, the two companies say.
Fenergo’s CEO, Marc Murphy, calls partnerships like this “key” to his company’s ability to expand and better serve its clients. Adding that “our community is seeking to deploy new technologies for automating regulatory compliance”, Murphy praises Arachnys’s use of robotics for investigative processes in particular as “cutting edge”.
Arachnys’ president, Ed Sander, says there is “harmony” between Fenergo’s rules engine and Arachnys’s search, audit trail and reporting techniques, which “will convert compliance into an accelerator for top line revenue”.
Fenergo was founded in 2009 and is headquartered in Dublin, Ireland.
Recently, Fenergo signed a deal with BNP Paribas to deploy its CLM solution, and also teamed up with compliance and risk management solutions provider Opus to improve integration of risk relevant data in the KYC process.
Fenergo has raised more than $80 million in funding to date, and counts Ulster Bank Diageo Venture Fund, Aquiline Capital Partners, Insight Venture Partners, and Investec among its investors.