Combination of CFM, NXTsoft, and IMM creates leading banking software platform, enabling digital transformation for over 2,500 financial institutions
-- Originally posted on Business Wire --
CFM today announced the acquisition of IMM, a software business that helps financial institutions automate document workflow via comprehensive integrations with existing systems. Following the recent acquisition of NXTsoft, this transaction unites three, highly complementary fintech companies that together provide API connectivity, workflow automation, and data analytics software for over 2,500 banks and credit unions. The combined platform is backed by OceanSound Partners, a growth-oriented private equity firm. Terms of the transaction were not disclosed.
IMM enables over 1,500 financial institutions to manage and enhance their process workflow for millions of transactions every month, across account opening, loan origination, and account maintenance use cases. Through over 80 integrations with core banking systems, business applications, and imaging systems, IMM delivers an end-to-end solution for document generation, in-person or electronic signature capture, identity authentication, and archiving. Through these capabilities, financial institutions can elevate consumer experiences, automate back-office processes, and maintain regulatory compliance with document retention requirements.
The combination of CFM, NXTsoft, and IMM creates a scaled software platform helping thousands of banks and credit unions automate processes and connect fintech solutions with their existing core. CFM integrates teller applications with branch hardware, modernizing in-branch banking. NXTsoft secures, connects, and optimizes data of its customers by connecting over 75 fintech applications to over 40 core banking systems. The combined platform has pre-built connections to core systems used by over 99% of U.S. financial institutions. All products currently offered by CFM, NXTsoft, and IMM will remain available and supported under their existing brands.
“Our mission is to help financial institutions achieve their digital transformation goals so they can accelerate time-to-market of new technology, lower operating costs, build connected experiences for employees, and delight their clients,” said John W. Smith, CEO of CFM. “The addition of IMM helps us better serve our customers through an expanded product portfolio, new commercial partnerships, and additional resources across support, sales, and development. Since 2021, we have expanded to 300 team members and tripled revenues through sustained organic growth and strategic acquisitions. We look forward to continuing our aggressive growth trajectory in 2023 and beyond.”
“I am thrilled to join CFM and NXTsoft and begin our new chapter,” said John Levy, co-founder and EVP of IMM. “Since Chuck Klein and I founded IMM in 1996, we have helped thousands of banks and credit unions digitize their operations. By joining CFM and NXTsoft, we are excited to accelerate our growth and realize significant cross-sell opportunities. We expect our customers will benefit from an expanded suite of software products. Our team members will benefit from more professional opportunities, as part of a fast-growing platform that we expect to be fully integrated by year-end."
Skadden, Arps, Slate, Meagher & Flom LLP served as legal counsel to CFM. Piper Sandler & Co. served as financial adviser and Sills Cummis & Gross served as legal counsel to IMM.
Read the full press release here.