The compliance and lending software vendor Wolters Kluwer Corporate and Financial Services has agreed to acquire GulfPak Corp., a Jackson, Miss., account origination and lending software provider.
Wolters Kluwer, a Minneapolis division of the Dutch publishing and information services company Wolters Kluwer NV, announced the deal last week. It did not give a price.
Mark Corona, the vice president of marketing for Wolters Kluwer Corporate and Financial Services, said that most of GulfPak’s roughly 700 customers are community banks in the South and Southeast, which “has been a fairly tough area for us to get into.” Most of the banks have assets below $100 million.
The two companies’ lending and origination products complement one another, Mr. Corona said. “GulfPak looks a lot like us, but on a regional basis,” he said.
GulfPak, which has 37 employees, also offers document imaging and electronic signature software, which Mr. Corona said would be more important as lending becomes more automated.
Jay Tindall, GulfPak’s president and chief executive, will continue to manage the GulfPak operation, which Wolters Kluwer wants to expand.
The deal is expected to close in a few weeks.
