CUNA Mutual buys Michigan compliance software company
CUNA Mutual Group has acquired a privately owned, Grand Rapids, Michigan, a business enterprise whose software program keeps files for loans and other monetary transactions in compliance with government policies.
Compliance Systems, founded in 1993, became a part of CUNA Mutual effective Nov. 16. Terms of the acquisition have been no longer disclosed.
Compliance Systems’ technology will decorate CUNA Mutual’s cutting-edge services, said Robert Trunzo, CUNA Mutual president and CEO.
“Our vision is to convert and modernize our current record services, elevating our capability to support the wishes of credit score unions through a less complicated and greater on hand answer for our customers,” Trunzo said.
Compliance Systems will hold its brand name. The organisation’s generation enables with designing documents, analyzing facts and retaining paperwork up to date as policies exchange.
“The organization is financially robust and has good sized marketplace percentage, with extra than 1,400 economic establishments using (its) technology,” said CUNA Mutual executive VP and leader product officer Laurie Winger.
No process cuts at CUNA Mutual are expected because of the deal, Winger said.
“This acquisition isn’t always about eliminating roles. It’s about modernizing our file services and growing an ultimate purchaser revel in,” she stated. “Through integration, we may also perceive new possibilities for a group of workers on each side of the enterprise to increase in their careers.”
Compliance Systems has 90 employees. CUNA Mutual has three, three hundred personnel nationwide, including 1,700 at its Madison headquarters, 5910 Mineral Point Road.
CUNA Mutual provides coverage and monetary offerings for credit score unions inside the U.S. And the Caribbean. It additionally has a task capital arm, CMFG Ventures.
This is the company’s second acquisition this year. In April, CUNA Mutual AdvantEdge Analytics, a records and analytics enterprise, bought Finivation, a New York facts structures and integration company. Terms of the transaction were no longer disclosed.
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