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MEDFORD, Mass., July 23, 2024 /PRNewswire/ — Financial Recovery Technologies (FRT), the leading global securities class actions recovery provider, has acquired Skematic, a rapidly growing SaaS company with a suite of software solutions for enhanced compliance management. The acquisition advances FRT’s transformation and expands the company’s capabilities to support financial institutions with innovative solutions designed to address their legal and compliance challenges.
The acquisition of Skematic represents an important milestone in FRT’s journey. Within a short period and with rapid adoption, Skematic introduced a fresh compliance solution to the people who needed it most – compliance professionals. Skematic’s purpose-built technology was designed not only to empower compliance teams, but for the first time, to let compliance shine. Finally, asset management firms can sunset disparate tools – spreadsheets, emails, shared drives and work “tickets” – with the introduction of a unified platform built around workflow management, accountability and reporting.
“Our clients are feeling the pain of disparate compliance systems, and we believe we can play an important role in helping them address these challenges,” said Rob Adler, CEO of FRT. “Skematic’s technology and experienced team perfectly align with our vision of delivering innovative solutions and services to our clients.”
“FRT’s core global securities class action service processes claims and much more,” Adler continued. “We maximize value for investors by optimizing operational processes and minimizing the risk of errors that might cost firms money. Our technology significantly reduces manual workload, human error, and processing times, increasing return on investment and generating revenue for legal departments, all wrapped up in a layer of service and support that results in FRT’s Net Promoter Score of 80 or higher year after year. For years our clients have asked FRT to extend our capabilities to additional areas, and with Skematic we’ve finally found the right fit.”
Skematic is a GRC principles-based workflow management solution built to integrate processes and operate as a central platform for compliance accountability and reporting.
“We see tremendous opportunity to further enhance Skematic’s explosive growth as part of FRT,” said Charles Steerman and Brian Kesselman, co-founders of Skematic. “Our long-range vision is a shared focus on client-driven software offerings designed to empower compliance professionals and programs. At its core, Skematic is the platform of the practitioners, designed to improve operational efficiency while reducing risk. FRT commands an incredible share of the market and has a dynamic and innovative set of technology capabilities that will further turbocharge the adoption of the Skematic solution in the market.”
ABOUT FINANCIAL RECOVERY TECHNOLOGIES
Founded in 2008, Financial Recovery Technologies (FRT) is a leading technology-based services firm that helps the investment community identify eligibility, file claims, and collect funds made available in securities class action settlements. Headquartered in Medford, MA, with offices in London, Sydney, and New York, FRT has more than 2,500 institutional clients worldwide who rely on FRT for its industry expertise and dedicated service and operations teams around the world.
ABOUT SKEMATIC
Skematic, a collaboration tool for compliance departments, was founded with the belief that compliance teams deserve better. Backed by more than three decades of regulatory technology experience, our mission is to provide the first workflow management solution designed specifically for regulated industries as viewed through the eyes of compliance professionals. We deliver tools that integrate the people, processes, and systems that make up a firm’s global compliance framework.
Media Contact: Jennifer Rothenberg, jrothenberg@frtservices.com
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