Wolters Kluwer Financial Services has purchased Financial Tools, for an undisclosed sum, which offers CASH Suite-an enterprise-wide financial analysis and credit risk management technology to US commercial lenders.
The acquisition will allow Wolters Kluwer to deliver US 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.
Leveraging their competencies, both companies expect to enable financial institutions to boost commercial loan origination, increase effectiveness in loan servicing and achieve regulatory compliance.
Commercial lending, which offers better growth prospect for financial institutions has grown substantially over the past two years, as commercial loans has increased by $330bn held by FDIC.
Wolters Kluwer Financial & Compliance Services division CEO Brian Longe said, "The addition of Financial Tools enables us to offer commercial lenders the comprehensive solutions they need to drive commercial lending growth."
"With access to the critical data they need, when they need it, 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," Longe added.
Currently, over 600 US banks and credit unions are using Financial Tools’ CASH Suite, which allows them to automate and streamline tasks like business development, financial analysis, risk management and pricing, credit communications and approvals, among others.
As per the terms of the agreement, Financial Tools president and CEO Dave Kampff and all 30 staff have joined Wolters Kluwer Financial Services.