Compushare, the leading Financial Technology Management solutions provider for community and regional financial institutions across the United States, has acquired Next Step Technology, of Lisle, Illinois, the largest provider of IT, and security and compliance solutions for community banks in the Greater Chicagoland area.
This acquisition solidifies Compushare's leadership position in this region and will add 75 clients to their current roster of 800 banks across the country. The financial details of the agreement have not been disclosed. This is the fourth acquisition made by Orange County, California based Compushare of a direct competitor in the past 4 years.
"This acquisition firmly establishes Compushare as the main technology and compliance solutions provider for community banks in the Chicagoland area. This critical market represents a tremendous growth opportunity, and we are excited to bring Next Step Technology onto our team to help us rapidly expand our business in the Midwest. Compushare is aggressively looking to extend our footprint in 2010 through acquisitions of smaller technology providers which will help consolidate this extremely fragmented industry. It will also strengthen our competitive position, scope of services and geographic reach allowing us to better serve the banking communities across the country," said Compushare CEO Romir Bosu.
Mr. Bosu added, "In 2010, the financial services industry will face heightened regulatory and compliance pressures, so it will be paramount that community banks and credit unions, in the Midwest and beyond, have strong compliance programs in place, and partner with a leading financial technology specialist, like Compushare, to help execute on that plan. This will ensure they are in compliance with the latest FFIEC regulations, and maintain total security on their critical systems and customer information. Smaller technology service providers to this industry are increasingly struggling to keep up with new government requirements and community financial intuitions are introducing unnecessary business risk in hiring these firms."
"At Next Step Technology, we always look to add value to the relationship with our clients through our delivery of Technology and Compliance Services. The merger with Compushare provides the next step in our strategy to provide a full complement of structured, managed IT Services with new Compliance and Planning Services needed by the community banking sector to not only survive, but to expand in today's new banking environment," said Next Step Technology President Gregg Wright.