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Goldleaf buys DataTrade

02 May 2007  |  1343 views  |  0 Source: Goldleaf Financial Solutions

Goldleaf Financial Solutions, Inc. (NASDAQ:GFSI), a provider of integrated technology-based solutions designed to improve the performance of financial institutions, today announced the acquisition of Springfield, Mo.-based DataTrade.

DataTrade provides financial software and services to more than 300 financial institutions and corporations, ranging in size from Fortune 100 companies to community financial institutions.

Founded in 1990 as a banking software company, for the past sixteen years DataTrade has developed financial software solutions that automate and improve financial processes. DataTrade's current banking and financial software offerings include remote deposit, checkscan, remittance/lockbox, voice response, report management and document imaging. In addition, DataTrade provides conversion services that specialize in digital-to-digital conversion and migration services for document images, check images, statements, computer output to laser disk (C.O.L.D) reports and data.

"The value proposition of this acquisition is simple - it brings new products to strengthen and broaden our product offering, while also expanding our customer base," said Lynn Boggs, CEO of Goldleaf Financial Solutions. "For several years, through both acquisition and organic growth, Goldleaf has been strategically building one of the most comprehensive payment processing platforms in the market. This acquisition furthers that goal by expanding our presence and our customer reach in the transaction processing space."

According to Goldleaf executives, this acquisition nicely complements the Company's recent acquisition of Community Banking Systems (CBS). DataTrade has a strong history in legacy data conversion, and through its solutions, community banks that acquire item processing and data imaging can ensure legacy data is migrated and brought current.

"DataTrade has always been committed to providing the highest return on investment to our customers," said Colin McAllister, chairman and CEO of DataTrade. "Building out our respective product synergies to benefit the community bank marketplace is a key to this acquisition. Both of our companies value end-to-end payments, and bringing our solutions together allows the community bank market to optimize their payment platform for maximum profitability."

DataTrade will become a business unit of Goldleaf, with members of the executive management team remaining with the Company.

Boggs continued, "By acquiring leaders in the payments space, we believe Goldleaf is building significant domain knowledge that allows us to offer greater flexibility and innovation in banking technology for our customers. As the payments space becomes more tightly integrated, Goldleaf is dedicated to giving customers more options to find solutions that meet their unique needs in today's contracting market."

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