Italian Fintech Buys Majority Stake in Share One
Dedagroup now controls the CUSO serving credit unions with assets of $10 million to $2 billion.
An Italian fintech has bought a majority stake in Share One Inc., a Memphis-based CUSO that provides core and digital banking services to credit unions.
Share One on Monday announced the purchase by Dedagroup North America, a subsidiary of Dedagroup of Trento, about 112 miles northwest of Venice.
Lynn Calvert, chair of Share One and president/CEO of Cascade Community Federal Credit Union of Roseburg, Ore. ($390.8 million, 17,900 members), said the purchase starts a new chapter for the CUSO.
“With our combined expertise and focus on credit union systems, we are confident we will continue to deliver value and greater efficiency for our credit union customers,” Calvert said. “By leveraging Dedagroup NA’s capabilities and experience with advanced digital transformation, we aim to offer an enhanced member experience through a comprehensive suite of solutions and services.”
Dedagroup provides software and solutions as a service, focusing on multiple industries and markets, including financial services, cybersecurity and artificial intelligence. It has more than 3,000 employees, serving more than 4,000 clients in more than 50 countries.
“We are committed to the credit union space, focusing on being the right partner for employees and customers,” Marcello De Angelis, general manager of Dedagroup NA, said.
“We plan to invest significantly in Share One products, infrastructure and services while leveraging Dedagroup’s additional financial services and technical capabilities,” De Angelis said. “We believe Share One, together with Dedagroup NA’s deep technical expertise, can provide credit unions with the right foundation for their current operations and future evolution.”
In 2015, Dedagroup NA bought majority stake in EPL Inc., now VisiFI, a software development CUSO in Omaha, Neb. In the news release, Dedagroup said the VisiFI purchase “demonstrates its commitment to driving core and digital-first innovation within the credit union industry, all under the Dedagroup umbrella of companies.”
Share One serves credit unions with assets ranging from $10 million to over $2 billion. NewSolutions provides features, including support for consumer, mortgage and commercial loans, a suite of electronic services delivered via the internet and a fully integrated, member-centric imaging system.
Martin Eakes, vice chair of Share One, said the board “put significant time and energy into identifying an organization that is aligned with our commitment to helping us build a world-class core and digital banking platform, focused on the U.S. credit union marketplace. In addition, we have a growth partner with significant financial services experience working with cooperatives, in the U.S. and internationally.”
Eakes is also president/CEO of Self-Help Credit Union ($1.8 billion in assets, 89,110 members as of Dec. 31) and Self-Help Federal Credit Union ($2.1 billion, 100,997 members), both of Durham, N.C.