Ncontracts, a US-based integrated risk management solutions provider for financial institutions, has acquired compliance software company QuestSoft.

QuestSoft develops compliance software and services for banks, credit unions, mortgage companies, and fintechs.

Ncontracts said that the merger with QuestSoft will create an end-to-end risk and compliance suite to enable financial institutions meet the changing regulatory demands.

Their platforms will allow financial services companies to assess and monitor risk and compliance and share the information across the entire organisation.

Ncontract’s regtech enables financial institutions in all 50 US states to automate their risk and compliance activities.

The combined company will have more than 260 employees and serve over 3700 financial institutions and mortgage firms across the US.

The financial details of the transaction have not been divulged.

Comments

QuestSoft founder and president Leonard Ryan said: “Our software and products have helped thousands of financial institutions and mortgage companies deal with regulatory requirements from HMDA, CRA, and Fair Lending regulations to automated digital compliance and other needed regulatory requirements.

“Bringing our capabilities and insights together with the leadership and reach of a company like Ncontracts is great news for our 2700 customers around the country and the industry at large.”

Ncontracts CEO Michael Berman said: “Together, Ncontracts and QuestSoft will help financial institutions and mortgage companies not only meet the increasing needs and complexities of today’s regulatory environment but prepare them for the future.

“With the addition of the QuestSoft products and expertise to our existing lending compliance solutions we now have the ability to deliver the most comprehensive set of integrated risk management offerings available in the marketplace.”