NRS, part of Accuity, acquired FIRE Solutions, a leading provider of compliance and education products and services to the broker-dealer community and an industry leader in securities exam preparation, on 5 October. Palm Ventures, LLC is the lead investor in FIRE Solutions along with The Palmer Group. The acquisition is part of NRS’s strategy to provide a comprehensive, single-source compliance portfolio to its clients that will enable them to fulfill their regulatory requirements.
In addition to its state-of-the-art learning management system and industry leading educational content, the FIRE Solutions team, with its deep knowledge and experience for broker-dealers, will be joining NRS. The terms of the acquisition were not disclosed.
The FIRE Solutions products comprise: firm element and other continuing education content; annual compliance meeting; and securities exam preparation solutions to broker-dealers. In the US, there are over 4,000 broker-dealers and almost 640,000 registered representatives who are subject to mandated requirements for education throughout their career. NRS currently re-sells the FIRE Solutions continuing education offering as an integrated solution with its ComplianceMax platform and will incorporate all of the FIRE content in its solutions for broker-dealers and investment advisers.
The acquisition brings together two complementary and successful businesses. The combination of NRS’s comprehensive compliance technology, deep subject matter expertise and renowned customer service, together with FIRE Solutions’ learning technology and broker-dealer expertise, will allow NRS to offer customers an integrated compliance technology and training portfolio while reducing vendor management burdens.
John Gebauer, President of NRS, said: “The acquisition of FIRE Solutions supports our strategy of providing a holistic compliance solution to our customers and will help us further serve broker-dealers at a time of burgeoning regulation such as the DOL Fiduciary rule. Given our existing product integration with FIRE Solutions and desire to address key regulatory requirements for NRS’ core customer set, FIRE Solutions is a natural fit for NRS. We already know and respect the FIRE Solutions team and know that we share the same high commitment to quality and customer service. We look forward to welcoming the FIRE Solutions team and their clients to the NRS community.”
Eric Sternbach, CEO, FIRE Solutions, said: “Having worked with the NRS team for many years we are excited to become a part of the family. Our shared belief in the importance of long term customer relationships bodes well for the future development and evolution of our educational solutions. This transaction is very good news for both our employees and our clients who will benefit from NRS’s commitment to investing in the solutions and delivering a holistic platform for our clients.”
Notes to editors
National Regulatory Service (NRS) is part of Accuity, the global standard for payment efficiency and compliance solutions. NRS is a leading provider of compliance consulting, education, technology and outsourced services for investment advisers, broker-dealers, hedge funds, investment companies and insurance companies. NRS has the practical expertise, proven capability and unparalleled reach to deliver integrated and effective compliance solutions to a wide range of users within the financial services industry. NRS delivers these solutions through three interrelated offerings – comprehensive education, best-in-class technology and expert consulting services – enabling our clients to meet their regulatory requirements and minimize risk.
About FIRE Solutions
Over the past 16 years, FIRE Solutions has provided compliance and training solutions to over 350,000 financial professionals at more than 300 firms. Headquartered in New York City, FIRE offers an unmatched collection of solutions, including Securities Exam Prep, Firm Element and Insurance Continuing Education, On-demand Annual Compliance Meetings, Rep Registration and Tracking Systems, Gift and Entertainment Tracking, Pay-to-Play Tracking and a wide range of online Questionnaire Services.
Accuity offers a suite of innovative solutions for payments and compliance professionals, from comprehensive data and software that manage risk and compliance, to flexible tools that optimize payments pathways. With deep expertise and industry-leading data-enabled solutions from the Fircosoft, Bankers Almanac and NRS brands, our portfolio delivers protection for individual and organizational reputations.
Part of RELX Group, a world‐leading provider of information and analytics for professional and business customers across industries, Accuity has been delivering solutions to banks and businesses worldwide for 180 years.
About RELX Group
RELX Group is a world‐leading provider of information and analytics for professional and business customers across industries. The group serves customers in more than 180 countries and has offices in about 40 countries. It employs approximately 30,000 people of whom half are in North America. RELX PLC is a London listed holding company which owns 52.9% of RELX Group. RELX NV is an Amsterdam listed holding company which owns 47.1% of RELX Group. The shares are traded on the London, Amsterdam and New York Stock Exchanges using the following ticker symbols: London: REL; Amsterdam: REN; New York: RELX and RENX. The total market capitalization is approximately £29.9bn / €34.1bn / $38.2bn (as at 4 October 2016).