Chicago, IL and Port Saint Lucie, FL, June 24, 2019 – Provana, a leading provider of compliance focused services and software based in Chicago, IL is proud to announce their acquisition of the ComplyARM compliance management platform. The acquisition will assist Provana with the continued expansion of their core products into the creditor, debt buyer and collection agency business verticals. As part of the acquisition, ComplyARM co-founder Adam Parks will be participating as an executive advisor with Provana adding his unique perspective to their knowledge base.
The combination of the Provana IPACS and ComplyARM Dashboard SaaS compliance management systems will provide clients of both systems with improved functionality, features and tools. Users of both platforms are expected to see enhancements before the end of 2019 but should expect no immediate changes to their services.
“I am very excited to be bringing together the two leading compliance management platforms to position us to provide the best possible solutions for our clients” said ComplyARM co-founder, Adam Parks. “Working with the Provana team provides the talent needed to take compliance solutions to the next level. With regulatory changes in the works, Provana’s development team is poised to quickly refine solutions to meet the evolving needs of the industry.”
The Provana and ComplyARM teams will be meeting in New Delhi, India for a few weeks to learn from each other and refine plans for applying ComplyARM features to the IPACS platform. While the teams are working together, they will be continuing to collect user feedback to help drive the direction of future development.
Provana CEO, Sandeep Bhargava stated, “Provana and ComplyARM are highly complementary, and our shared vision of providing high quality receivables management compliance technology and services are a great fit. The addition of ComplyARM accelerates Provana’s growth in the debt buyer, collection agency and creditor space.”
ComplyARM began as a company that audited debt buyers and collection agencies assist in the development of their policies and procedure manuals. They quickly evolved into a software solution used by receivables management firms to manage compliance related tasks. Co-founded by industry veteran Adam Parks, ComplyARM offered a unique perspective to managing compliance.