SAS acquires principal assets of OpRisk Analytics
Extends risk management expertise, harnesses thought leadership in operational risk market
VIENNA, Austria on 18 June 2003
AS, the leader in business intelligence, today announced it has acquired the principal assets of OpRisk Analytics, a leading provider of operational risk measurement and management solutions to the financial services industry, through an asset purchase agreement.
With the addition of dedicated operational risk expert resources and specialized software assets, the acquisition underscores SAS’ commitment to the risk management market and further assists SAS in addressing financial institutions’ requirements in operational risk management. This acquisition is part of SAS’ strategy to extend its offering of solutions for both corporate and consumer risk measurement and reporting solutions.
The acquisition also encompasses key staff including Ali Samad-Khan, a globally recognized expert in the field of operational risk and the former CEO of OpRisk Analytics, who will now serve as a senior executive on the SAS risk management team. Due to his vast knowledge and industry experience, Samad-Khan is frequently invited to speak at seminars and testify on operational risk issues before the major banking regulatory authorities, including the Basel Committee on Banking Supervision, the Board of Governors of the Federal Reserve System, the Federal Reserve Bank of New York, the Financial Services Authority (UK) and the Australian Prudential Regulatory Authority. He also holds annual workshops in North America, Europe and Asia for the Institution of International Finance (IIF), the Global Association of Risk Professionals (GARP) and the Professional Risk Managers’ International Association (PRMIA).
"SAS is demonstrating its continued investment in providing superior financial analytics and operational risk capabilities by leveraging OpRisk Analytics’ thought leadership in operational risk along with SAS’ world-class business intelligence, data management, analytics and reporting capabilities," said Dr. Jim Goodnight, SAS president and CEO. "Our acquisition strategy focuses on identifying companies with proven expertise and technologies that complement and strengthen SAS solutions and our position in the market."
"SAS has historically demonstrated leadership and knowledge in both the risk market and the financial services industry," said Samad-Khan. "This transaction and integration will further enhance SAS’ ability to provide comprehensive, enterprisewide risk solutions that meet the needs of risk professionals and financial services executives alike."
The acquisition, which focuses on this specialized area of financial services, complements SAS’ quarter-century of experience helping the financial services industry. Today, SAS works closely with more than 2,000 financial institutions worldwide to provide timely solutions that address their critical business needs. Furthermore, the financial services industry represents SAS’ largest industry segment by revenue, contributing more than 35 percent of SAS’ total revenue in 2002.
Financial details of the acquisition were not disclosed.
The announcement of the acquisition of OpRisk Analytics was made at the 21st annual SAS European Users Group International (SeUGI) conference here, attended by thousands of SAS customers and staff from around the world.