ACL Acquires The Prodigy Group, Leading GRC Solutions Provider in South East Asia Move Furthers ACL Global Expansion, Accelerates Cloud-Based GRC Business in Region
VANCOUVER and SINGAPORE, Aug. 12, 2013 /PRNewswire/ -- ACL, the company that is transforming audit and risk, today announced that it has signed a definitive agreement to expand its global footprint through the asset acquisition of The Prodigy Group ("Prodigy"), a Singapore-based software reseller and consulting services provider focused on audit, compliance, and risk management solutions. Prodigy, the largest global reseller of ACL products, has worked with the company since 2001 and has served the South East Asia market for more than a decade. Terms of the private transaction were not disclosed.
The South East Asia market is quickly adopting cloud-based technologies like ACL™ GRC, and represents ACL's largest greenfield growth opportunity. Through the acquisition, ACL gains direct access to current and new customers in South East Asia, and enhances its presence for global customers operating in the region, as well as adjacent markets including China, South Korea, and Taiwan.
Founded and led by Fransiskus Oey, The Prodigy Group serves more than 1,000 customers with operations in the region including: Asian Development Bank, HSBC, Manulife Financial Asia, Sime Darby Group, and many government and state-owned organizations. In addition to acting as a reseller of ACL's products, the company is a one-stop provider of consulting services to audit and compliance professionals, fraud investigators, risk managers, business analysts, IT professionals, system security teams, and senior GRC executives.
"Bringing The Prodigy Group into the ACL family is an important step in our continued growth and global expansion," said Laurie Schultz, President and CEO at ACL. "We will continue to pursue an aggressive plan to build our business in strategic markets, especially those that are at the forefront of new technology adoption and that value an integrated, data-driven GRC solution."
Prodigy will continue to be operated by the current management team and Oey will join ACL's executive team as Managing Director, ACL Asia. The company and its customers will benefit from ACL's substantial financial and operational resources and will gain a greater share of voice with regard to ACL's strategy and solutions offering.
"The Prodigy Group leadership team and I are very excited to join ACL," said Oey. "I'm confident this will be a seamless transition due to the cultural alignment between our two companies. Customers of The Prodigy Group will quickly experience the added value that ACL brings."
In addition to directly supporting ACL's growth strategy, this acquisition solidifies its sector leadership in cloud technology—a critical evolution as use of cloud solutions is expected to double over the next two years, according to a recent ACL Technology Pulse Survey. ACL GRC, the company's cloud-based governance, risk management, and compliance solution, delivers value across the organization by integrating risk management objectives with data-driven analysis and decision making.
"Given the extremely high level of interest in cloud-based technologies throughout South East Asia, ACL's fresh and innovative GRC solution will undoubtedly generate significant interest in this region as a result of the transaction," said Michael Rasmussen, J.D., OCEG Fellow, CCEP, GRCP, CISSP, Chief Analyst & GRC Pundit at GRC 20/20 Research, LLC. "I will continue to track ACL's growth and look forward to seeing where the next strategic move will take the company and its offerings."
For more information about The Prodigy Group, visit: http://www.prodigy-group.com/home/
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