CFM, a software company that integrates banking systems with branch technology and a portfolio company of OceanSound Partners, has acquired IMM, a software business that works to help financial institutions automate document workflow through integrations with existing systems.
IMM helps over 1,500 financial institutions to manage and improve their process workflow for transactions, across account opening, loan origination and account maintenance use cases. The company offers a service for document generation, in-person or electronic signature capture, identity authentication and archiving. Following the recent acquisition of NXTsoft, this deal looks to unite three fintech companies that offer API connectivity, workflow automation and data analytics software for over 2,500 banks and credit unions.
“The addition of IMM helps us better serve our customers through an expanded product portfolio, new commercial partnerships, and additional resources across support, sales, and development,” comments John Smith, CEO of CFM.
Skadden, Arps, Slate, Meagher & Flom LLP served as legal adviser to CFM. Piper Sandler served as financial adviser and Sills Cummis & Gross served as legal adviser to IMM.