April 27, 2017 / 12:00 PM / 8 months ago

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

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)

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