Profile

Decades before data and technology became central business assets and digital transformation a strategic priority, Innovative Systems was at the forefront of helping decision-makers transform vast amounts of information into actionable insights. The company’s mission is to empower organizations worldwide to harness the power of data, driving efficiency, improving accuracy, and mitigating risk. In essence, Innovative Systems enables organizations to uncover hidden opportunities and risks within their data.

Visit www.innovativesystems.com

Key Products

Innovative Systems delivers enterprise data, compliance, integration, and audit solutions through the company’s leading FinScan®, Enlighten®, and PostLocate® brands.

FinScan®

Trusted by hundreds of organizations worldwide, Innovative Systems, Inc.’s FinScan® offers advanced Anti-Money Laundering (AML) compliance technology and consulting solutions. Built on decades of experience in data management and proprietary matching technologies, FinScan provides a data-first, risk-based approach to ensure unparalleled accuracy and efficiency in identifying and reducing risk, accelerating AML compliance workflows, and optimizing team productivity.

Enlighten®

Enlighten® is a high-performance suite of solutions that helps enhance organizations’ data management capabilities with comprehensive features such as data profiling and discovery, data cleansing, individual and corporate matching, address validation and geocoding, data enrichment, and data monitoring to provide a complete 360° customer view. Enlighten delivers unrivaled data processing speed and a user-friendly interface, and uses proprietary, transparent matching algorithms and global knowledgebases to enable precise, field-level comparisons, delivering high data quality and facilitating quick implementation.

PostLocate®

Developed for volume and speed, Innovative Systems, Inc.’s PostLocate is a comprehensive address validation and geocoding solution designed to improve address accuracy, enhance deliverability, and enrich customer records with precise geographic data. Built on decades of experience in data management and proprietary matching technologies, PostLocate standardizes, validates, corrects, and enriches addresses in seconds, adds rooftop-precise geocoding, and ensures up-to-date information including USPS NCOA processing.

Key Executives

Robert Colonna, Founder, Chairman, President, CEO

Bob Colonna is the president and founder of Innovative Systems. He was the principal designer of Innovative’s data cleansing, matching, and marketing database software. Bob’s interest in computational linguistics is an outgrowth of his time in the military, where he attended French and German language schools. This language experience coupled with his degrees in mathematics and management science provided him with the training to develop Innovative’s leading-edge technology. Mr. Colonna holds BA in mathematics and BS in Engineering Mechanics degrees from Lehigh University and an MBA in Statistics/Operations Research from the University of Pennsylvania Wharton School.

Brian Markham, Senior Vice President of Engineering

Brian Markham is senior vice president of engineering for Innovative Systems. Since joining Innovative in 1992, he has played a key role in the development and refinement of Innovative’s suite of customer data integration and quality management products, as well as the company’s full line of compliance products. Brian is the principal architect of Innovative’s software. He is an expert in bringing together the AI engines and computer expertise needed to develop solutions that utilize the benefits of the latest technology. Brian is responsible for the overall management of engineering projects and personnel, including project management, UX, QA, DevOps, technical design and review, resource allocation, and providing direction for future product development. Brian holds both Bachelor and Master of Science degrees in Computer Engineering from Case Western Reserve University.

Michael Stearman, Vice President of Global Operations

Mike Stearman is vice president of global operations for Innovative Systems. Mike joined Innovative in 2011 as manager of hosted services and played a key role in Innovative’s global SaaS rollout and subsequent migration to Microsoft Azure. Mike has global oversite of the professional services, hosted services, customer success, and user experience teams. ​Before joining Innovative, Mike worked for several point-of-sale software companies supporting hard goods retail and automotive aftermarket industries. Mike earned a Bachelor of Science in Computer Science and minor in Mathematics from Bethany College in West Virginia.

Customer Insights

“We needed a compliance tool that meets very high standards across a variety of areas. We’ve built a great partnership with FinScan that’s helped lay a foundation for our continued growth and success.” – Robbi Nagel, Deputy Global Chief Compliance Officer, AmTrust

“FinScan addresses our regulatory and financial crime risks on a global scale—providing exceptional accuracy for the most complex screening scenarios, enabling us to remain in compliance and allowing for well-informed, transparent relationships with our customers.” – James Parker, Risk & Assurance Director, Managing Agency Partners (MAP)

“FinScan helped us to reduce the amount of work and reviews in our head office and dramatically increase efficiencies. The work is spread across the organization as opposed to being completely centralized, which has led to smoother operations and assurance that our AML compliance remains transparent and resilient.” – Mariana Hori, Senior Compliance Manager, Welthungerhilfe

Additional reviews can be found online at Gartner and Capterra.

Investors

The company is 100% organically funded, driven by consistent double-digit annual growth.

Competitors

Data quality: Melissa Data, Informatica, Experian, Soda Data, IBM, and Oracle.

Compliance: Lexis Nexis Bridger, Comply Advantage, Alessa, Eastnets, CSI Watchdog/ HotScan, and Napier.

Corporate Responsibility

Innovative Systems is making a meaningful global impact, from enhancing banking operations to aiding in the identification and prevention of terrorist and criminal activities worldwide. The company embraces a diverse and inclusive culture, representing 27 nationalities and 18 languages. Its guiding principle is to ensure the success of every associate, supplier, partner, and customer, reflecting the belief that their success is inherently tied to its own. Additionally, Innovative Systems fosters a culture of giving back, supporting charitable efforts by providing partial matching contributions to employees’ donations.