A year after entering a joint venture, Ongoing Operations LLC said it has purchased Cloudworks, a Thousand Oaks, Calif., provider of cloud-based hosted solutions.
The acquisition will allow the business continuity and technology specialist to better serve its client credit unions and expand offerings to meet future requirements, said CEO Kirk Drake.
"Credit unions are known for pooling their resources to gain greater efficiencies and we see this as another opportunity to facilitate that collaboration by integrating Cloudworks' proven platform into our primary operations," Drake said.
Ongoing Operations said its credit union clients already had begun using Cloudworks for hosting exchange, online banking, websites and other applications since they launched a joint venture in late 2010.
Ongoing Operations was created by a group of suburban Washington, D.C., credit unions in 2005.
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