SCOTTSDALE, Ariz. - Cornerstone Advisors, which works with numerous credit unions in a management and technology consulting role, is reporting it has completed its acquisition of Maple Street, a provider of vendor management solutions and services for banks and credit unions.
"Maple Street is a highly respected company that has been serving hundreds of financial institutions nationwide since its inception in 2003," Cornerstone CEO Scott Sommer said in a statement. "The firm has built a robust vendor management offering supported by a team of professionals dedicated to helping banks and credit unions reduce vendor expenses, improve vendor performance and manage risk. Maple Street's offerings as well as its people, values and culture are strategically aligned with Cornerstone's. This acquisition brings tremendous value not only to Cornerstone and our clients, but also to the financial services industry at large.”
Managing the Vendor Lifecycle
Based in Orlando, Maple Street services are delivered through its Vendor Advantage System, the company noted. The system is designed to provide the means for banks and credit unions to better manage the full vendor lifecycle across their organizations, incorporating best practices such as scorecards, due diligence monitoring and supply chain management principles.
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