Goldleaf Financial Solutions Inc. of Brentwood, Tenn., has acquired DataTrade Software Systems LLC, a Springfield, Mo., provider of data conversion systems.
The purchase, Goldleaf's seventh in the past two years, further diversifies its payments software lineup.
Lynn Boggs, the president and chief executive of Goldleaf, estimated that 60% to 70% of DataTrade's 300-plus customers are community banks. Others are utilities, other companies that use its lockbox remittance and document imaging systems, and state and local governments.
The transaction closed Tuesday. The price was not disclosed.
Some of DataTrade's offerings, such as imaging systems for businesses and branches, overlap with products that Goldleaf already had. It bought the Dallas imaging specialist Community Banking Systems in March.
Charles Potts, Goldleaf's senior vice president of business development, said he wants to expand some of DataTrade offerings, such as its lockbox system. For community banks, the wholesale lockbox "is a niche." DataTrade's product is suited for customers that are "too large for merchant capture but don't want to go to some of the larger players."
DataTrade's lineup includes voice response, report management, and imaging systems for converting paper records to electronic form.
It also offers a conversion system for moving information from one electronic platform to another, such as when a bank upgrades its core banking system, or when document images must be put in a different format.
Goldleaf sells core banking software, though the conversion system will work with other vendors' core packages.
"We're not a big competitor in core. If we're not the player that sells them the core, let us be the player that sells them the conversion service," Mr. Boggs said. "Our goal is to serve that community bank first."
