CUNA Mutual Group has acquired a privately owned, Grand Rapids, Michigan, company whose software keeps documents for loans and other financial transactions in compliance with government regulations.
Compliance Systems, founded in 1993, became part of CUNA Mutual effective Nov. 16. Terms of the acquisition were not disclosed.
Compliance Systems’ technology will enhance CUNA Mutual’s current services, said Robert Trunzo, CUNA Mutual president and CEO.
“Our vision is to transform and modernize our existing document services, elevating our ability to support the needs of credit unions through a simpler and more accessible solution for our customers,” Trunzo said.
Compliance Systems will keep its brand name. The company’s technology helps with designing documents, analyzing data and keeping forms updated as rules change.
“The company is financially strong and has significant market share, with more than 1,400 financial institutions using (its) technology,” said CUNA Mutual executive vice president and chief product officer Laurie Winger.
No job cuts at CUNA Mutual are expected as a result of the deal, Winger said.
“This acquisition is not about eliminating roles. It’s about modernizing our document services and creating an optimal customer experience,” she said. “Through integration, we may identify new opportunities for staff on both sides of the business to advance in their careers.”
Compliance Systems has 90 employees. CUNA Mutual has 3,300 employees nationwide, including 1,700 at its Madison headquarters, 5910 Mineral Point Road.
CUNA Mutual provides insurance and financial services for credit unions in the U.S. and the Caribbean. It also has a venture capital arm, CMFG Ventures.
This is the company’s second acquisition this year. In April, CUNA Mutual AdvantEdge Analytics, a data and analytics business, purchased Finivation, a New York data systems and integration company. Terms of the transaction were not disclosed.