Risk management solutions provider Wolters Kluwer Financial Services has taken over Chinese software solution firm Sasgas through its FRSGlobal business. The acquisition will allow the merged company to extend regulatory compliance assistance to foreign banks, whose numbers are growing in China. Sasgas provides financial reporting software solutions provider to local and overseas banks in China.

The list of Sasgas products includes foreign exchange account management system, China Banking Regulatory Commission reporting system and anti-money laundering system. The takeover will also help Wolters Kluwer raise its presence in China, where it has been servicing the tax, accounting, legal and health markets for 25 years.

Click here for the release from Business Wire.