Compushare, a technology management provider for the financial industry, has acquired Styzer Risk Management, a Lexington, Ky.-based provider of IT risk management solutions for financial institutions.

Styzer is the developer of Risk Director, a cloud-based solution used to develop, maintain, and report on business continuity, information security, vendor management, auditing and other IT risk management functions.

 According to a press release, the acquisition will allow Compushare to provide its clients with a cost-effective, fully-hosted and integrated IT risk and compliance solution offered in a Software-as-a-Service (SaaS (News - Alert)) model. Compushare clients, in turn, will benefit by being able to reduce their IT risk management burden dramatically while increasing their results through automation.

Styzer's CEO and founder, Brad Fenster, will join Compushare's Risk and Compliance Group and will bring a new level of hands-on regulatory expertise to the Compushare team and its clients. Styzer clients will benefit from an expanded scope of technology management solutions including Compushare's completely cloud-based technology.

"We are excited to join Compushare in servicing the compliance and technology needs of financial organizations," states Fenster. "The solutions and cultures of Compushare and Styzer nicely complement one another, making this an ideal opportunity that will greatly benefit all clients. The combination of the two companies will expand our offerings and provide additional compliance expertise and technology support for our clients who all face increased regulatory pressure."

Romir Bosu, CEO of Compushare, added, "Styzer brings many new capabilities to the table. We are pleased to be adding it to our portfolio of cloud-based solutions and integrating it in our C(3) hosted applications platform."

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