Press Releases
RuleBurst acquires IQMS for A$6.25 million
Best-of-breed enterprise-wide risk and compliance management system to complement RuleBurst's business rules and decision support software
Sydney, 9 November 2005 - RuleBurst, an Australian headquartered global provider of Business Rules Management Systems (BRMS) and decision support software, today announced that it has acquired IQMS, an Australian supplier of technology solutions for Governance, Risk, Compliance Management (GRCM). Mark Stanley, CEO of IQMS, will remain with RuleBurst as Deputy CEO. The merger marks RuleBurst's concerted push into the global GRCM market as the BRMS and GRCM industries continue to converge. RuleBurst also announced the appointment of Matthew Perrin, a RuleBurst shareholder and former chief executive of Billabong International Limited to the Board of Directors.
Mark Stanley, CEO of IQMS, said, "The integration of an IQMS enterprise governance, risk and compliance management solution with RuleBurst's business rules engine delivers a complete end-to-end Enterprise Risk and Compliance solution. From business rule definition through to complete enterprise management of risk and compliance responsibilities, organisations can now mobilise robust strategies and processes on one platform. The alignment of our two products provides organisations with the appropriate tools to respond to the demanding requirements of compliance and risk management."
"This merger will have a positive impact for our clients in terms of the quality and long term development of the product. Existing IQMS customers can take advantage of this complementary solution straight away, and RuleBurst's global customers will have immediate access to best-of-breed risk and compliance management capability."
Surend Dayal, CEO of RuleBurst, said, "The transaction is part of our growth strategy. IQMS brings to RuleBurst a strong track record of helping organisations minimise the cost of compliance and managing the risks of non compliance through technology. This partnership takes us closer to our long term goal of being a global leader in the GRCM market, and we now have a solid solution foundation for that. There is a highly complementary fit between our two customer bases and product sets. In addition, the transaction is expected to be earnings and cashflow accretive immediately for RuleBurst.
"We will continue to deliver outstanding service to our clients and as organisations face an increasing regulatory and compliance burden, RuleBurst is in a unique position to help them address the costs of compliance in a strategic manner. Rather than looking for point solutions to particular compliance issues such as Sarbanes-Oxley, organisations can take a holistic approach to the management of their risk."