(Corrects 2nd paragraph to read "acquisitions of a
venture-backed firm", not "by a venture-backed firm")
TORONTO, April 27 (Reuters) - Exiger, a firm that helps
businesses monitor compliances such as money laundering
regulations, has agreed to buy OutsideIQ, a Canadian startup
that specializes in technology that helps businesses assess and
The deal, reported earlier by Reuters, is for C$30 million
($22.2 million), according to a person familiar with the
agreement, and is one of the top 10 largest disclosed
acquisitions of a venture-backed Canadian tech firm since 2014,
according to Thomson Reuters data.
New York-based Exiger, which has used OutsideIQ's
cloud-based software since 2014, sells technology and services
to 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, uses cognitive
computing processes to automate and analyze a significant
portion of time-consuming, error-prone data research typically
done by workers. The process of combing through millions of
pieces of data is whittled down from days to minutes, the
Part of a growing crop of startups focused on regulatory
technology, or "regtech," OutsideIQ's software is used by
investment banks, insurance companies, SAP Ariba and
($1 = 1.3532 Canadian dollars)
(Reporting by Solarina Ho; Editing by Jim Finkle, Richard Chang
and Chris Reese)