Both companies are privately held and no value was given for the acquisition.
The combined company will have a workforce of just over 100 and will trade under the Norkom name. Paul Kerley, CEO of Dublin, Ireland-based Norkom said the acquisition will accelerate its position as the number-one European player. The combined client list includes many of Europe’s leading financial institutions including Allied Irish Bank, HSBC, and Visa EU.
Data4S CEO Herman Verrelst, who is to become Norkom’s director of European operations, said the global market for risk management spending in the financial services industry is believed to be worth more than E4 billion ($5.4 billion) and is growing rapidly as a result of new regulations to combat terrorism.
Norkom said both companies’ product sets will continue to be supported and will be integrated into a single range over the next 12 to 18 months.
