Industry Related TransactionsAurum Technology has acquired CCCorp
Aurum Technology Acquires CCCorp
Aurum Technology, a leading provider of open and integrated technology-based solutions to the financial services industry, announced the acquisition of Utah-based Computer Consultants Corporation (CCCorp). A privately-held company, CCCorp is presently the fourth largest provider of technology solutions to the credit union industry with nearly 600 customers located throughout the United States and Caribbean. Terms of the deal were not disclosed.
Offering both in-house and ASP solution alternatives, CCCorp has served the small- to mid-tier segments of the credit union market — primarily institutions with assets of less than $100 million — for more than 25 years. With its newest product introduced in late 2001, Mercury(TM), CCCorp delivers the most advanced and flexible Microsoft(R)-based core processing platform in the credit union space. Designed to fully maximize Microsoft’s .NET(TM) capabilities and SQL Server(TM) functionality, Mercury offers credit unions a tightly integrated, open and highly scalable platform to serve the needs of their current membership while accommodating their plans for future market growth.
Aurum has identified a range of synergies that will result from the acquisition, including:
* Expanded market presence – CCCorp’s market position and existing customer base will significantly increase Aurum’s visibility in the credit union market, particularly among institutions with assets of less than $200 million – or more than 9,300 existing credit union institutions, according to the National Credit Union Administration.
* Complementary technology platforms – Bringing the industry’s most advanced technology capabilities via its Mercury platform, CCCorp solutions extend Aurum’s market reach to the mid- and small-tier of the credit union market and position the company to augment the Mercury platform with add-on products developed around its flagship, Unisys Enterprise Server(R)-based platform – MISER(TM) – currently installed at the high-end of the Credit Union market.
* Common market and solutions philosophies – Aurum Technology and CCCorp share a common dedication to the credit union market as well as a history of investing in open and integrated solutions that enable our respective credit union customers to deliver measurable value to their members. Going forward, Aurum remains committed to these shared business philosophies as a means to deliver sources of long-term value to its current and future credit union customers, regardless of asset size.
“With more than 97 percent of credit unions falling below the $200 million asset mark, this acquisition makes sense for Aurum as it looks to expand its market reach,” stated Scott Sommer, president and CEO of Cornerstone Advisors, Inc. “With MISER servicing the mid- to high-end of the market and CCCorp solutions at the small- to mid-tier, Aurum is now in a much better position to serve the needs of credit unions of any size.”
CCCorp employees will be immediately integrated into Aurum Technology’s Credit Union Services team. Hugh Butler, founder and CEO of Computer Consultants Corporation, will become a senior vice president of Aurum, reporting to Santo Cannone, president of Aurum’s Credit Union Services Group. Butler will be responsible for account management and sales activity within CCCorp’s current market segment and will participate in developing strategy for Aurum across all credit union market segments. Charlene Whitener, CCCorp President, will lead the company’s Salt Lake City-based support and services teams. Dan Chavitage, a widely recognized consultant to the credit union industry, will join Aurum as a result of this acquisition and assume responsibility for the existing CCCorp product development team with the primary goal of positioning the product to meet the evolving needs of mid-tier Credit Unions. Whitener and Chavitage will also report to Cannone.
“The acquisition by a fast-growing and well-respected company like Aurum Technology is extremely good news for both our customers and our employees,” said Hugh Butler, CEO of Computer Consultants Corporation. “Aurum offers the financial stability, nationwide resources, technology leadership, and investment capabilities both our Director(TM) and Mercury customers need for the future, as well as the exciting growth opportunities our employees deserve. This acquisition also extends the reach and relevance of our Mercury offering, in particular, as we integrate it with Aurum’s comprehensive and proven suite of add-on products.”
Post-acquisition plans call for the immediate ramp-up of investment in CCCorp’s Mercury platform and the integration requirements surrounding critical add-on capabilities ranging from Internet banking to image item processing to online ATM/card solutions.
“Today’s announcement represents the successful culmination of more than five months of intensive, professional interaction between our two companies -resulting in the acquisition of not only an advanced, flexible Microsoft-based core processing platform, but also a management team and employee base that clearly demonstrate a thorough understanding of their market and an unlimited passion for customer service,” stated Paul Bourke, chairman, CEO and president of Aurum Technology Inc. “We believe, and fortunately Hugh and others within CCCorp now share our belief, that the combination of our organizations greatly improves our ability to effectively compete and rapidly grow our presence in the credit union market.”
About Aurum Technology
Aurum Technology is a leading provider of open and integrated information technology-based solutions to the financial services industry, with capabilities ranging from Core Solutions to eBanking to Check Imaging to Business Intelligence. Using its more than 30 years of experience and proven suite of products and services, Aurum provides Community Banks, Credit Unions and Savings Institutions with the means to increase efficiencies, grow market share and enhance profitability. Aurum Technology serves more than 1,200 customers throughout North America, including many of the financial industry’s highest performing institutions. More information is available at www.aurumtechnology.com.
About Computer Consultants Corporation
Computer Consultants Corp. celebrated 25 years of operation in February 2002. A privately-held software company located in Salt Lake City, CCCorp began supplying integrated solutions to credit unions exclusively in 1982. Since then, over 1,000 credit unions worldwide have been licensed to use one or more of the company’s information system products. CCCorp is one of the top ten vendors of credit union information software in the United States according to NCUA records. More information about CCCorp is available at www.cccorp.com.
