Ascent Technologies, a leading provider of AI-enabled compliance automation solutions for financial services companies, has been acquired by Edgewater Equity Partners, a Boston-based private equity firm.
The deal aims to accelerate the development of Ascent’s compliance automation platform and enhance its value proposition to customers.
Ascent’s platform uses AI to monitor the financial services regulatory landscape in real time, identify rule changes and obligations that apply to a company, and notify stakeholders of relevant updates.
This automates the tedious and costly manual processes that compliance teams traditionally rely on, and reduces the risk of non-compliance, which can have serious legal and financial consequences.
Ascent CEO, Chris Junker, said that the acquisition will strengthen Ascent’s position as a leader in solving complex compliance challenges through automation, and that he is excited to welcome Edgewater Equity Partners as a strategic partner.
Edgewater Equity Partners Managing Partner, Joe Bradley, said that he was drawn to Ascent due to its technology leadership and commitment to innovation in AI-driven compliance automation. He added that he sees Ascent as the future of regulatory compliance.