Exiger Announces Acquisition of Convergent Solutions

Continued Investment in Innovation, Driving Efficiency in Federal Contracting

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Aug 07, 2019, 07:00 ET

NEW YORK and WASHINGTON, Aug. 7, 2019 /PRNewswire/ -- Exiger, the global leader in technology-enabled regulatory, financial crime, risk and compliance solutions, announced the acquisition of Convergent Solutions Inc., a leading business specializing in the delivery of intelligence analysis, cybersecurity and national security solutions to the Federal Government. Combined with Convergent, Exiger will expand the deployment of its proprietary AI products to more effectively solve the Federal Government's most complex, data-driven challenges.

The Federal Government is increasingly leveraging analytics and machine learning to make rapid and more informed decisions. Like the private sector, the government is burdened with complex data sets for screening, vetting and due diligence, along with mitigating fraud, waste and abuse. Programs such as the continuous vetting of cleared personnel, law enforcement and litigation investigations, vendor due diligence, and supply chain risk analysis are consistently challenged with analyzing and interpreting massive volumes of information.

Exiger's technology-based solutions augment complex mission-critical programs with purpose-built AI, enabling federal agencies to realize transformative improvements that yield actionable results and cost savings.

DDIQ, the AI-based automated vetting and continuous monitoring platform, offers federal agencies a fully auditable tool to conduct consistent due diligence, accelerate the speed of analytics in their mission and transform data into actionable intelligence. Exiger's third-party management platform Insight 3PM leverages DDIQ and will help federal agencies streamline supply chain risk management and vendor oversight. Exiger Intelligence, a data analytics and eDiscovery solution, uses cognitive computing and natural language processing to accelerate and automate decision making in document and financial records review.

"Exiger is excited to bring our leading technology solutions to the federal market," said Michael Cherkasky, co-founder and Executive Chairman of Exiger. "Our products, combined with Convergent's world class employees, industry credentials and experience, can help solve the Federal Government's biggest challenges related to information management, vendor and personnel vetting, and mission critical risk identification and mitigation."

With over 20 years of experience in the Federal Government, Convergent Solutions is a proven federal contractor with an outstanding track record of delivering technical solutions, data analysis and security support to its customers. Convergent Solutions will operate as a wholly-owned subsidiary and significantly expand Exiger's client footprint across the Federal Government, including the Department of Defense, the intelligence community, and civilian agencies.

"Pairing Exiger's AI-powered products and expertise with Convergent's capabilities, customer intimacy and subject matter experts gives us unique advantages when delivering on the Federal Government's technology objectives," said Adam Lurie, the CEO of Convergent Solutions. "This transition will allow us to better serve our customers as we continue to apply state of the art, data-driven solutions that will radically improve the speed of mission response in multiple areas of the Federal Government."

About Exiger

Exiger is the global authority on financial crime and risk compliance introducing technology-enabled solutions to the market's biggest compliance challenges. Exiger is changing the way banks, corporations and governmental agencies fight financial crime by combining industry expertise and artificial intelligence to root out bribery, corruption, sanctions violations, money laundering and terrorist financing. In recognition of the growing volume and complexity of data and regulations, Exiger is committed to working with clients to create a more sustainable compliance environment through its holistic and innovative approach to problem solving. Powering its Advisory, Diligence and Government Services solutions, Exiger has developed purpose-built technology –– DDIQ and Insight 3PM –– trained and deployed by its subject matter experts to accelerate the auditability, efficiency, quality and cost effectiveness of clients' compliance operations. Exiger operates in six countries and eight cities around the world, including London, New York City, the Washington, D.C. metro area, Toronto, Vancouver, Bucharest, Hong Kong and Singapore.