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Shvetank Shah, CEO of ACA Group, will serve in that same role at the enlarged ACA, following the merger with Foreside Financial Group.
May 31, 2022
Portland financial firm completes merger, rebrands as ACA
Portland-based Foreside Financial Group LLC is rebranding as ACA after completing its merger with New York-based ACA Group, the companies announced Tuesday. Foreside's distribution business will be rebranded as ACA Foreside and will become a division under ACA.
The combined firm will be led by ACA Group's current CEO, Shvetank Shah. Genstar, a San Francisco-based private equity firm that bought a majority stake in Foreside from Lovell Minnick Partners, of Radnor, Pa., is the lead investor in the combined business.
ACA and Foreside, both providers of governance, risk and compliance or GRC solutions to clients in the financial services industry, say they have joined forces to become one of the largest providers of tech-enabled solutions in the world.
Terms of the tie-up, announced in November, were not disclosed. In December, Foreside announced the acquisition of Alaric Compliance Service, a New York-based provider of regulatory and compliance services.
Following the merger, the new firm will employ more than 1,250 people and serve more than 6,300 clients from 18 offices, in the United States and Europe.
“Clients are looking for a comprehensive, one-stop solution for their GRC needs and we are thrilled to step up to the plate together to make GRC a competitive advantage for our clients,” Shah said.
“Foreside and ACA have earned outstanding reputations and our aligned vision and culture, client-centric focus, and commitment to innovation will help our customers navigate their most complex GRC challenges.”
File Photo / Tim Greenway
David Whitaker, former president of Foreside Financial Group, is now global services leader at ACA.
“Together we will create an industry leader that meets client needs today and can adapt to changing needs in the future through state-of-the-art product innovation,” said David Whitaker, who previously served as Foreside's president. Whitaker has been named global services leader at ACA.
“The combination of ACA and Foreside will bring more diverse and robust offerings, and our platform architecture will offer leading financial firms the widest scope and acumen of services and technology to meet their regulatory requirements," he added.
Tony Salewski, managing director at Genstar and Sid Ramakrishnan, director at Genstar, said in a joint statement: “The combined business is a disruptor in the financial services GRC space, offering end-to-end regulatory advisory, benchmarking, managed services, technology platforms and the power of an unmatched network all under one roof.
"We are excited to partner with an exceptional management team who will lead the company on the next chapter of growth while continuing to focus on delivering exceptional service to clients.”
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