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Overland Park-based Archer Technologies LLC acquired an artificial intelligence-driven company that wants to transform compliance into a competitive advantage.
San Francisco-based Compliance.ai, whose first iteration launched in 2014, helps clients cut through the clutter to meet evolving financial regulations. Customers can even follow specific regulatory agencies and localities and receive customized notifications when a regulation changes or new content comes to light.
“On average, compliance professionals spend 25 to 30 percent of their time just chasing regulatory changes,” Compliance.ai co-founder Kayvan Alikhani previously told sister publication the San Francisco Business Times. “If a company is using a $700-an-hour individual to collect regulatory content and normalize and prioritize it, that’s a mistake. Those individuals can be used much more effectively in doing deep dive business-specific analysis.”
Compliance.ai employs more than 50 people, according to LinkedIn. Financial details of the acquisition were not disclosed.
Compliance.ai’s automated regulatory and compliance platform complements Archer’s focus on providing integrated risk management cloud-based software that addresses aspects such as governance, security and compliance. In a release, the Overland Park company said the acquisition supplements its compliance initiatives with cutting-edge AI technology to automate monitoring, tracking, reporting and responding to continually changing regulations in real time.
"With this acquisition, we can offer our clients the advantages of real-time updates, predictive analysis, and increased accuracy for regulatory compliance and risk management,” Archer CEO Bill Diaz said in the release. “Leveraging the power of AI technology advances our strategy to empower organizations to more effectively manage their entire risk landscape and allows us to propel Archer solutions into a new era of efficiency and foresight.”
Compliance.ai co-founder Alikhani echoed that sentiment.
“Joining with Archer, we’re in a leading position to transform compliance into a competitive advantage for highly regulated organizations,” Alikhani said in the release. “The benefits of our AI-powered technology and Archer’s unrivaled risk and compliance management solutions is a winning combination for compliance, risk and legal teams worldwide.”