Compliance firm Exiger to buy OutsideIQ for $22 mln -source

Solarina Ho

TORONTO, April 27 (Reuters) - Exiger, a firm that helps

businesses monitor compliances such as money laundering

regulations, has agreed to buy Canadian startup OutsideIQ for

C$30 million ($22.17 million), according to a person familiar

with the agreement.

The companies plan to announce the acquisition as early as

Thursday, said the person who was not authorized to discuss

terms of the deal.

New York-based Exiger sells technology and services that

help businesses comply with complex global regulations in areas

such as money laundering and financial crimes.

The deal is the largest to date by privately held Exiger.

The company was formed to lead the court-appointed oversight of

HSBC, which in 2012 admitted to allowing drug cartels

to launder hundreds of millions of dollars.

Toronto-based OutsideIQ, with 40 employees, sells

cloud-based software that make it easier for banks and other

organizations to assess risk and meet regulatory requirements.

The software uses cognitive computing processes that automate

time-consuming research and data analysis typically done by

workers.

($1 = $1.0000)

($1 = 1.3532 Canadian dollars)

(Reporting by Solarina Ho; Editing by Jim Finkle and Richard

Chang)