UK-headquartered digital banking software vendor ieDigital is to acquire Connect FSS. ieDigital provides digital software solutions for over 50 financial services businesses. Connect FSS is a digital banking provider, currently serving credit unions in the US.
The acquisition follows a detailed search by ieDigital over the past year for a business partner that can help the company accelerate its growth plans and cement its position as a leading UK fintech player with international market reach.
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According to ieDigital, the acquisition brings more scale and resources that will deliver business value to customers.
Both companies already operate with complementary SaaS technology. Clients will now be able to get the benefit of both organisation’s software.
Teams from both companies will work closely together delivering faster innovation and software development.
Jerry Young, CEO of ieDigital and Grant Parry, President & CEO of Connect FSS, will work in synergy to lead the two businesses.
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By GlobalDataThe two companies will sit as part of a new ieDigital Group. Young will become CEO and Parry will become Executive Vice President (EVP) of Strategy.
Scale, faster innovation, enhanced business value to clients
Both companies will retain their separate brand names in their respective markets, with separate websites. Connect FSS will also remain a Credit Union Service Organisation (CUSO).
Jerry Young, CEO of ieDigital, said: “We’re very excited about the growth opportunity this acquisition will bring. Joining forces with Connect FSS will enable us to support a broader range of customers in different geographies that we wouldn’t have otherwise been able to reach, and strengthen our technology with insight from our new colleagues in the US. We look forward to seeing the benefits that will come with today’s deal.”
Grant Parry, President & CEO of Connect FSS, added: “Partnering with ieDigital is a natural next step in our evolution as a business. There is a clear synergy between our two cultures, and in terms of the technology and skillsets that we share. We’re enthusiastic about what we will be able to deliver with ieDigital’s insight and experience in fintech. Our joint ambition is to provide excellent customer service and tailored solutions to clients.”
