MVB acquires Trabian Technology
MVB Financial Corp. (“MVB,” “MVB Financial”) (Nasdaq: MVBF), the holding company for MVB Bank, Inc. (“MVB Bank”), announced today its acquisition by MVB Bank of a majority interest in Trabian Technology, Inc. (“Trabian”), a leading software development firm serving financial institutions.
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Founded in 2003, Trabian builds digital products, web and mobile applications for forward-thinking community banks, credit unions, digital banks and Fintechs. In pursuing its mission to create technology to accelerate community finance, Trabian has created technology platforms that have been instrumental to the success of many of today’s leading Fintech companies.
“The acquisition of Trabian will significantly enhance our expanding Fintech vertical by putting more ‘Tech’ in our ‘Fin,’ ” said Larry F. Mazza, President and CEO, MVB Financial. “Trabian’s well-established reputation and nearly two decades of Fintech experience carry with it a leading role in the financial services ecosystem and an established book of business, simultaneously adding a new revenue stream and profit center and technological expertise that will benefit MVB and all of our stakeholders.”
Now as trusted partners, MVB’s and Trabian’s shared focus on the financial frontier of banking and Fintech will further enhance MVB’s ability to find and develop solutions for Fintech clients. Trabian will also play a role in MVB’s developing venture space, enhancing partner offerings in the technology arena and adding talent to help MVB execute on technology innovation.
Trabian’s mission will remain the same and its growing team of developers will continue to serve its clients without any interruption. Trabian’s founder and CEO Matt Dean has been appointed Executive Chairman of its Board of Directors and will remain its CEO, and co-founder and COO Trey Reeme will assume the role of President of Trabian.
“Trabian and MVB are strong, like-minded, culturally aligned companies that will be even stronger together, with more resources to leverage opportunity,” Dean said. “Joining the MVB family allows Trabian to continue to grow and fulfill its goal of helping community-focused financial institutions and Fintechs improve their products and services to meet the needs of their customers, while also providing an avenue to differentiate the company from non-Fintech focused development shops.”
Squire Patton Boggs (US) LLP provided legal representation to MVB. Taft Stettinius & Hollister LLP provided legal representation to Trabian.