Wolters Kluwer Financial Services has acquired financial analysis and credit risk management software provider Financial Tools.
The acquisition will help Wolters Kluwer "provide U.S. community and regional banks and credit unions with the ability to manage financial performance and grow profitability with straight-through processing across their commercial loan origination, servicing and regulatory reporting processes," according to the companies' joint press release, which they issued on Friday. More than 600 U.S. banks and credit unions use Financial Tools' CASH Suite software, according to the release.
Wolters Kluwer hired all 30 of Financial Tools' employees, along with the company's president and chief executive Dave Kampff. The terms of the deal were not disclosed.
"The addition of Financial Tools enables us to offer commercial lenders the comprehensive solutions they need to drive commercial lending growth," Brian Longe, CEO for Wolters Kluwer's Financial & Compliance Services division, said in the release. "With access to the critical data they need lenders can improve performance with straight through processing and more effectively manage risk at the transactional level. And we'll help them use that same data to obtain enterprise-level views of their customer bases and businesses thereby enhancing long-term profitability."
Wolters Kluwer Financial Services provides risk management, compliance, finance and audit solutions to 15,000 institutions worldwide.