As regulations grow, so has the market for advising financial firms about how to comply with them. Two prominent players in the field are joining forces.

A pair of large firms in the financial compliance services space, an area seeing rapid growth as regulations mount, are joining forces through an acquisition, announced last week. 

New York-headquartered ACA Compliance Group is to buy Cordium, a leading provider of governance, risk and compliance (GRC) services. The transaction is expected to close this summer, subject to regulatory approvals. Following the closing of the deal, Cordium’s compliance, cyber-security, software, regulatory hosting, tax and regulatory reporting offerings will be integrated into ACA’s operations. The expanded firm will employ almost 700 people and serve more than 4,000 clients.

The financial terms of the transaction will not be disclosed.

ACA, which has offices in the US and London, will use the deal to bolster services in Europe, including Cordium’s regulatory hosting platfort, Mirabella, and a post-Brexit European Union office, ACA said in a statement last Friday. 

“Cordium’s expertise, technology strengths and shared culture will greatly expand how we service and deliver our solutions to clients. By blending the delivery of innovative technology, depth of knowledge, and exceptional client service, we can help our clients further enhance their approach to GRC,” Robert L Stype, chief executive of ACA Compliance Group, said.

The professional services industry has seen some consolidation. In 2015 for example, EY (aka Ernst & Young] agreed to buy Integrc, a provider of governance, risk and compliance (GRC) services to companies that run SAP. In the same year, accounting and consulting firm PwC acquired Kusiri, a technology start-up based in London. Kusiri is a technology firm which provides a forensic data search platform used to discover fraud and for compliance screening.