CU Solutions Group in Livonia, Mich., plans to acquire a majority stake in the credit union business of AffirmX.
CU Solutions “will have exclusive and perpetual license to the patent, code, contracts and intellectual property” for AffirmX products for the credit union industry, the companies said Wednesday. CU Solutions will work with AffirmX, which is based in Frederick, Md., on product development. Ken Wolff, CEO of AffirmX, will continue to be in charge of the vendor.
CU Solutions is a credit union service organization that provides marketing, performance and technology products. It plans to expand the delivery of AffirmX’s compliance and risk management offerings.
AffirmX works with more than 120 credit unions across the country and offers products, such as enterprise risk management assessment and regulatory compliance monitoring.
“We are excited about becoming a part of the national framework of relationships and solutions brought to the table by CUSG and our other partner and investor leagues,” Ken Wolff, CEO of AffirmX, said in a statement. “With the addition of these new relationships, and further leverage of our existing ones, and their vast knowledge base, content and distribution networks, we hope to ease the burden of regulatory change management for the credit union community.”
CU Solutions is majority owned by the Michigan Credit Union League and has more than 100 investors, including credit unions, leagues and credit union system organizations.
The transaction is expected to close by March 31.
