Nashville-based bank vendor and risk management solution Ncontracts is expanding in the software-as-a-service space by acquiring Quantivate, a Washington-based firm which provides governance, risk and compliance and software solutions for banks.
Ncontracts expects the acquisition will allow it to provide more services for its customer base of more than 4,000 financial institutions while increasing its workforce to more than 350 employees. Terms of the deal were not disclosed.
Ncontracts CEO Michael Berman will serve as CEO of the combined company. Berman said the move solidifies Ncontracts’ position as a leader in both SaaS and knowledge-as-a-service as rising regulatory scrutiny is being applied to banks’ enterprise risk management practices.
“We are thrilled to join forces with Quantivate,” Berman added. “We are both mutually committed to helping financial institutions reduce risk, improve compliance, and control costs, so combining our resources empowers us to be an even better provider of software and services for our customers and the financial industry.”
Quantivate Founder and CEO Andy Vanderhoff said the companies share a mission to help banks and credit unions succeed through technology and talented workers. “I’m excited to watch as the strength and experience of our united teams take risk management solutions to the next level,” he added.