MEDFORD,
Mass., July 23, 2024 /PRNewswire/ -- Financial
Recovery Technologies (FRT), the leading global securities class
actions recovery provider, has acquired Skematic, a rapidly growing
SaaS company with a suite of software solutions for enhanced
compliance management. The acquisition advances FRT's
transformation and expands the company's capabilities to support
financial institutions with innovative solutions designed to
address their legal and compliance challenges.
The acquisition of Skematic represents an important milestone in
FRT's journey. Within a short period and with rapid adoption,
Skematic introduced a fresh compliance solution to the people who
needed it most – compliance professionals. Skematic's
purpose-built technology was designed not only to empower
compliance teams, but for the first time, to let compliance
shine. Finally, asset management firms can sunset disparate
tools - spreadsheets, emails, shared drives and work "tickets" –
with the introduction of a unified platform built around workflow
management, accountability and reporting.
"Our clients are feeling the pain of disparate compliance
systems, and we believe we can play an important role in helping
them address these challenges," said Rob
Adler, CEO of FRT. "Skematic's technology and experienced
team perfectly align with our vision of delivering innovative
solutions and services to our clients."
"FRT's core global securities class action service processes
claims and much more," Adler continued. "We maximize value for
investors by optimizing operational processes and minimizing the
risk of errors that might cost firms money. Our technology
significantly reduces manual workload, human error, and processing
times, increasing return on investment and generating revenue for
legal departments, all wrapped up in a layer of service and support
that results in FRT's Net Promoter Score of 80 or higher year after
year. For years our clients have asked FRT to extend our
capabilities to additional areas, and with Skematic we've finally
found the right fit."
Skematic is a GRC principles-based workflow management solution
built to integrate processes and operate as a central platform for
compliance accountability and reporting.
"We see tremendous opportunity to further enhance Skematic's
explosive growth as part of FRT," said Charles Steerman and Brian Kesselman, co-founders of Skematic. "Our
long-range vision is a shared focus on client-driven software
offerings designed to empower compliance professionals and
programs. At its core, Skematic is the platform of the
practitioners, designed to improve operational efficiency while
reducing risk. FRT commands an incredible share of the market
and has a dynamic and innovative set of technology capabilities
that will further turbocharge the adoption of the Skematic solution
in the market."
ABOUT FINANCIAL RECOVERY TECHNOLOGIES
Founded in 2008, Financial Recovery Technologies (FRT) is a
leading technology-based services firm that helps the investment
community identify eligibility, file claims, and collect funds made
available in securities class action settlements. Headquartered in
Medford, MA, with offices in
London, Sydney, and New
York, FRT has more than 2,500 institutional clients
worldwide who rely on FRT for its industry expertise and dedicated
service and operations teams around the world.
ABOUT SKEMATIC
Skematic, a collaboration tool for compliance departments, was
founded with the belief that compliance teams deserve better.
Backed by more than three decades of regulatory technology
experience, our mission is to provide the first workflow management
solution designed specifically for regulated industries as viewed
through the eyes of compliance professionals. We deliver tools that
integrate the people, processes, and systems that make up a firm's
global compliance framework.
Media Contact: Jennifer
Rothenberg, jrothenberg@frtservices.com
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SOURCE Financial Recovery Technologies