PEACHTREE CORNERS, Ga.—Two companies have announced acquisitions of other companies that provide services to credit unions.
Alogent, a provider of financial software, announced the expansion of its product portfolio with the acquisition of the FinanceGenius suite of lending software from IntelliEngines, Inc.
The cloud-based software suite, which will now be marketed under the new name Origins, part of the Alogent Lending family, automates consumer lending and streamlines the loan origination process for financial institutions and retail lending, the company said.
“With an end-to-end, fully scalable mobile, online and digital experience, consumers gain simplicity and speed, maximizing decisions and business opportunities for banks and credit unions,” the organization added.
Terms of the deal were not disclosed.
Turnkey Solution
“The addition of Origins to Alogent’s product portfolio naturally marries our digital banking and enterprise information management solutions,” said Jason Schwabline, Alogent’s chief strategy officer. “Cloud-based and mobile-ready, Origins is a turnkey and automated decisioning platform that embodies Alogent’s ‘user-first’ and channel-agnostic approach. Consumers choose how they want to engage – online, mobile, in-branch, or by phone – while financial institutions benefit from a streamlined and uniform workflow regardless of the channel of interaction.”
Addressing the full lifecycle of the loan, starting with origination to decisioning to underwriting, Origins simplifies the lending experience and strengthens customer and member relationships, Alogent stated.
“The acquisition of the FinanceGenius suite expands Alogent’s footprint into more facets of the digital financial ecosystem,” added Dede Wakefield, Alogent’s CEO. “By delivering end-to-end capabilities for intelligent loan origination, we’re opening new business opportunities for Alogent’s 2,400 financial institution partners and enabling them to maximize loan growth and profitability.”
Covius Acquires Chronos
Separately, Denver-based Covius Holdings, a provider of technology-enabled solutions, announced it has entered into a definitive asset purchase agreement to acquire certain businesses from Chronos Solutions, including its credit, flood, income and tax verification services, government services, REO management and disposition, online foreclosure auction and homeowners association (HOA) tracking units.
“These businesses will complement Covius’ extensive offerings in document management, loan modification and loss mitigation, title, compliance management, lien tracking, valuations, due diligence and business process workflow services,” the company said. “When the transaction has closed, the combined company will have a broad range of products spanning the mortgage, real estate and financial services lifecycle and a customer base of more than 5,500 clients.