Deal Aligns with APPS’ Rapid SaaS-Based Financial Services and Banking Technology Expansion Efforts
Atlantic-Pacific Processing Systems NV, Corp. (APPS), a fintech holding company providing software-as-a-service (SaaS) solutions for the financial services and banking sectors, has completed acquisition of proprietary software developer of compliance solutions Conformance Technologies, Inc. Conformance will continue serving independent sales organizations, merchant services providers, independent software vendors, payment facilitators and other fintech solution providers with technology to automate compliance and underwriting processes. Capital infusion by APPS will fuel growth in new markets where intense interest for Conformance solutions exists. Conformance will become a standalone wholly owned subsidiary of APPS, with founder Darrel Anderson continuing as president. Terms of the deal were not disclosed.
“The quality of Conformance’s proprietary and patented software technology made it a good fit with our overall expansion strategy,” said APPS President and CEO Abe Maghaguian. “Conformance technology and people are top-notch, with decades of compliance and fraud monitoring expertise as well as coding and implementation experience,” said APPS Founder and Chairman Rich Hickman. “We plan to leave the company as is and simply infuse capital to fund new product development that drives revenue growth in new markets,” added Hickman.
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“The need for rapid real-time underwriting and ongoing, intense fraud risk monitoring in the mortgage, finance, investing sectors, as well as other rapidly expanding SaaS models, is driving our growth initiatives,” said Conformance President Darrel Anderson. “The entire Conformance team is excited about the opportunity to create more innovative technologies, and to open up new markets with expanded product offerings,” added Anderson. “Together with APPS, we have a bright and prosperous future ahead of us, and we are thrilled about the prospect of providing new and exclusive technologies of substantial value.”
Conformance has built and deployed an innovative and easy-to-use compliance and monitoring ToolKit platform for businesses who need fast turnaround and complete minute-by-minute data monitoring. The Conformance Compliance Operating System is a patent pending, best-in-class SaaS tech stack featuring plug-and-play modules, open application programming interfaces (APIs) and multilanguage capabilities.
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Conformance solutions include the patented PCI ToolKit which simplifies Payment Card Industry Data Security Standard (PCI DSS) merchant compliance, the Cyber Attack Readiness ToolKit which provides comprehensive and cost-effective penetration and PAN-scanning services to merchants and the Data Incident Management Program which effectively responds to business data incursion incidents on behalf of merchants. Conformance also offers the industry-leading, award-winning and BRAM-certified InConRadar tool which performs continuous web monitoring of merchant websites for prohibited content and suspicious business activities, and the industry’s most comprehensive underwriting tool, PreComm ToolKit which gathers and analyzes more than 60 different underwriting data points to make risk assessments in as little as 30 seconds, while providing continuous account monitoring post onboarding on an ongoing basis.
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