Chicago-based Ascent Technologies, a leading provider of AI-enabled compliance automation solutions for financial services firms, has recently completed the acquisition of Waymark, a UK-based company specializing in horizon scanning and compliance management workflow solutions.

The deal, whose financial details remain undisclosed, marks a significant strategic move following Ascent’s recent acquisition by Edgewater Equity Partners.

Waymark, led by Founder and CEO Mark Holmes, has built a reputation as a reliable partner for organizations navigating the intricate landscape of regulatory compliance in the financial services sector. Their expertise in horizon scanning and workflow management solutions aligns seamlessly with Ascent’s mission to empower financial institutions in staying ahead of evolving compliance requirements.

Chris Junker, CEO of Ascent, highlighted the importance of this acquisition, stating, “Ascent’s technology quickly and efficiently identifies relevant regulatory obligations, a critical task for navigating the intricate, ever-changing regulatory landscape. With the addition of Waymark’s technology, particularly its horizon scanning functions, Ascent now serves up insights into where regulations may be headed as well as a precise, timely and actionable picture of current regulatory demands.”

By integrating Waymark’s advanced horizon scanning tools with Ascent’s obligations management technology, the combined entity aims to offer a comprehensive solution for horizon scanning and obligations management, setting a new standard for managing regulatory risk. This move significantly expands Ascent’s coverage in the UK and EU, complementing its existing regulatory coverage in the US and Canada.

Jon Leitner, President of Ascent, emphasized the importance of understanding regulatory obligations, stating, “Knowing one’s regulatory obligations is foundational for financial services firms striving to adhere to evolving regulations. Once organizations use Ascent to understand current-state regulations, the next step is to anticipate and prepare for upcoming regulatory changes. This is why Waymark horizon scanning fits so well with Ascent.”

Customer feedback has been positive, with Ian Hollowbread, COO – Digital Innovation at ING, expressing confidence in the merger’s potential to meet market needs for effective, comprehensive risk management. He stated, “Ascent is at the forefront of the AI regulatory revolution. Ascent’s processing intelligence helps firms understand their regulatory obligations with precision. In combination with Waymark’s deep horizon scanning capabilities, we believe that this merger provides the potential to offer both the depth and breadth to meet the market needs for effective, comprehensive risk management.”

Mark Holmes, CEO of Waymark, echoed this sentiment, describing the partnership as a game-changer for the industry. He expressed enthusiasm about delivering an advanced compliance automation solution to customers, leveraging the combined strengths of Ascent and Waymark.

This acquisition underscores Ascent’s commitment to driving growth, fostering innovation, and providing cutting-edge solutions to the financial services industry, ultimately helping organizations navigate regulatory complexities with confidence and efficiency.