CODA Financials, Inc., a finance systems specialist, announced an acquisition agreement and partnership with Control Solutions International, a leading global provider of assurance, risk management and compliance advisory services. Under the terms of the agreement, CODA will acquire the SOCET(tm) product from Control Solutions. SOCET is a web-based internal controls documentation, evaluation, monitoring and project management application designed to facilitate compliance with the Sarbanes-Oxley Act of 2002. SOCET (Sarbanes-Oxley Controls Evaluation Tool) is currently deployed at a number of Control Solutions' major customers. CODA will take on future development and marketing of the product. Existing customers will receive support through the US based support desk of CODA Financials Inc., part of the company's global support operation.
As part of the agreement, Control Solutions and CODA are jointly developing further software products to help customers Simply Comply(tm) with SOX and other regulations, such as Basel II. Along with SOCET and CODA-Control, a process management tool designed to make SOX and other regulated processes highly visible, repeatable, controllable, and auditable, this will form a comprehensive compliance solution.
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