CFM, a software provider that integrates banking systems with branch technology, has merged with NXTsoft.
NXTsoft aims to help its customers secure, connect and optimize data through integration flows that connect over 75 software applications to over 40 processors. The combination looks to create a provider of API connectivity, workflow automation and data analytics software for financial institutions. Together, CFM and NXTsoft deliver API services to over 1,800 banks and federal credit unions in North America. All products offered by both businesses will remain available and supported under their existing brands.
“By uniting with NXTsoft, we expect to expand our product offerings, cross-sell across our customer bases, facilitate new partnerships, and create professional development opportunities for our combined workforce,” says John Smith, CEO of CFM. “Beyond the strategic fit, our two firms have highly compatible cultures, which will facilitate a seamless integration process for employees and ensure zero disruption for our customers.”
Skadden, Arps, Slate, Meagher & Flom LLP served as legal adviser to CFM. Stephens Inc. served as financial adviser and Weil, Gotshal & Manges LLP and Burr & Forman LLP served as legal advisers to NXTsoft.