Strategic acquisition sets the stage for Ascent to accelerate innovation in AI-enabled compliance automation for Financial Services Firms
CHICAGO–(BUSINESS WIRE)–#BusinessIntelligence–Ascent Technologies, an innovator and leading provider of AI-enabled compliance automation solutions for financial services companies, today announced its acquisition by Edgewater Equity Partners, a private equity firm based in Boston. This strategic acquisition positions Ascent to accelerate development of its compliance automation platform and deliver even greater value to its customers.
“We were drawn to Ascent due to its technology leadership position in helping companies solve their most critical compliance challenges,” said Joe Bradley, Managing Partner at Edgewater Equity Partners. “Ascent’s commitment to innovation offers tremendous potential to advance in AI-driven compliance automation.”
Ascent CEO, Chris Junker, is equally optimistic about the future, adding, “We’re excited to welcome the Edgewater Equity Partners team as our strategic partner. Their track record of growing companies of our size is impressive, and their experience will be invaluable as we continue to expand our footprint in the compliance technology landscape. This acquisition will further solidify Ascent’s position as a leader in solving complex compliance challenges through automation.”
Solving compliance challenges through automation
Historically, compliance teams have been forced to read endlessly through a deluge of documents from numerous regulators to identify applicable rule changes and analyze their impact – with the constant risk of unknowingly being in non-compliance.
The Ascent platform replaces these slow, costly, manual processes with AI-enabled automation that monitors the financial services regulatory landscape in real time, identifies rule changes and obligations that apply to a company, and notifies stakeholders of applicable rule changes and obligations. “Regulatory compliance is critical for today’s companies,” said Edgewater Equity Partners Managing Partner, Scott Goebel. “Non-compliance can lead to severe legal consequences, reputational damage, and financial penalties. Ascent’s patented AI technology is already delivering better business outcomes and lower costs, and we see Ascent as the future of regulatory compliance.”
With this acquisition, Ascent is positioned to accelerate the delivery of innovative new compliance automation capabilities focused, not only on driving compliance team productivity and effectiveness, but on delivering real business outcomes – from cost reduction to stronger risk avoidance.
About Ascent Technologies
Ascent Technologies is a leading provider of compliance automation solutions, leveraging artificial intelligence to streamline regulatory processes for financial services firms. With a commitment to innovation and excellence, Ascent is dedicated to empowering organizations to more effectively navigate the complex landscape of regulatory compliance to reduce risk, streamline operations and manage costs.
About Edgewater Equity Partners
Edgewater Equity Partners is a private equity firm specializing in strategic investments in regulatory, legal and risk technology companies. With a focus on fostering growth and innovation, Edgewater Equity Partners looks for companies that exhibit exceptional potential and partners with management to provide the resources needed to thrive in today’s evolving business landscape.
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Chris Junker, CEO