Wolters Kluwer Financial Services of Minneapolis said Friday it has bought Financial Tools Inc. of Irvine, Calif., a provider of financial analysis and credit risk management software to credit unions and other commercial lenders.
Minneapolis-based Wolters Kluwer said the 35 employees of Financial Tools, including President/CEO Dave Kampff, will be retained. Terms of the acquisition were not announced.
“The addition of Financial Tools enables Wolters Kluwer Financial Services to provide U.S. community and regional banks and credit unions with the ability to manage financial performance and grow profitability with straight-through processing across their commercial loan origination, servicing and regulatory reporting processes,” Wolters Kluwer said in its announcement.
Commercial lending has emerged as one of the few business areas in which financial institutions can grow revenue profitably in today's marketplace, the company said.
More than 600 U.S. credit unions and banks and credit unions use Financial Tools' CASH Suite to automate and streamline business development, financial analysis, risk management and pricing, credit communications and approvals, covenant compliance tracking, portfolio management, stress testing and in-depth reporting.
The 15,000-customer Wolters Kluwer said it would integrate the CASH Suite tools into its ComplianceOne loan and deposit origination solution.
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