AgileREPORTER, COLLINE Lombard Risk


Overview


Based in London, Lombard Risk has provided regulatory compliance and risk management solutions to the financial industry and large corporations for more than 20 years. With offices in the US, Asia and Australia, Lombard Risk currently employs more than 340 people, representing a steep increase in headcount since 2010. The regulatory reporting side of its business initially stemmed from the 2005 acquisition of UK-based specialist, STB Systems. This


was followed, in Q4 2011, by the acquisition of the REG-Reporter, US regulatory reporting business from Sofgen, for $4.25 million in cash, loan notes and equity. It was brought together with Reporter, the STB-derived reporting product, giving the company 250+ customers in this market worldwide. With regard to the REG-Reporter deal, the initial approach was about taking over support for nine users of the STB system in the


US. The introduction was made by Cliff van Tonder, who joined Sofgen in November 2011 as EVP and general manager for Europe and was ex-Lombard Risk. Lombard Risk was keen on a different tack and a takeover deal was finalised in around three months. In between these two acquisitions by Lombard, in mid-2011, an approach had been made by rival, FRSGlobal, to buy Lombard. FRSGlobal was by this stage owned by Wolters Kluwer. In accordance with the rules of the Takeover Code, Lombard Risk disclosed that at this time it had 206,926,786 ordinary shares of 0.5 pence each in issue. The termination of the takeover talks did not come as a surprise as the Lombard Risk board had already declared in a previous statement that an acceptable offer was not likely to be forthcoming. One twist was the fact that in November 2010 FRSGlobal had appointed the former founder of STB Systems, Michael Thomas, as head of business development and operations for North Asia. Whether his departure from Lombard Risk and appointment at FRSGlobal was in any way linked to FRSGlobal’s interest in Lombard Risk was not clear. Either way, Lombard Risk continued on its way, subsequently made the acquisition of the REG-Reporter business, and subsequently made good financial progress on the back of a wave of new regulations around the globe. In recent times, the company has merged a number of products and done away with older naming conventions. As a result, it


currently has two main products: AgileREPORTER for regulatory reporting and COLLINE for collateral management. Besides this, the company also has AgileCOLLATERAL for collateral management in the cloud. Lombard Risk Management announced in November 2015 that Alastair Brown would join the Board as Chief Executive Officer


with effect from 1 December 2015. Alastair would report to Philip Crawford who would continue to serve as Executive Chairman for the remainder of the financial year before Philip returned as Non-Executive Chairman effective from 1 April 2016. Alastair joined from Royal Bank of Scotland (‘RBS’) where he worked for 15 years in technology leadership roles in Global Banking and Markets. In November 2016, Lombard Risk announced the opening of a new Technology Centre in Birmingham, UK, as it invests in the development of the next generation of Lombard Risk products. Lombard Risk expanded its product and sales team in Asia Pacific (APAC) as a part of its growth strategy in the region. In August 2017, Lombard also announced plans to expand its operations to Australia and New Zealand, owing to rising demand for its regulatory technology and collateral management solutions in the regions.


Summary history 1989


2004 Lombard Risk established. Lombard Risk completes a flotation on AIM, the London alternative stock exchange.


2005 Lombard Risk acquires STB Systems in a deal worth around £3 million. The AIM flotation not only facilitated this acquisition but it also made Lombard more attractive as a parent for STB Systems. STB was keen to be quoted at some point: ‘It comes up from time to time, when pitching for business, that people like to see bigger, stronger companies,’ said STB’s CEO, Michael Thomas, at the time.


2010 Lombard Risk appoints Sherry Isenberg to the newly-created role of managing director for the Americas. This reflected the importance the company was now placing on its development within this region. Isenberg worked previously for Fiserv and Hyperion, among others.


2010 The two main STB-derived products, STB-Reporter and STB-Detector, are rebranded as Reporter and Detector. The decision is made to no longer market the latter.


2011 July – An approach is made by FRSGlobal to buy Lombard Risk but no offer is forthcoming.


2011 December – Lombard Risk acquires the US regulatory reporting system, REG-Reporter, from Sofgen for $4.25 million. 2013 2016


Claims 34 contracts for its Corep solution, of which 16 are new names, following on from 30+ the previous year. Lombard Risk opens new technology centre in Birmingham, UK


Risk Management Systems & Suppliers Report | www.ibsintelligence.com 71


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