CU Solutions Group and AffirmX announce strategic alliance and joint investment
CUSG to acquire majority interest in the CU sector rights of AffirmX Compliance Solutions Suite
Livonia, Mich., and Frederick, Md. (March 6, 2019 ) — CU
Solutions Group (CUSG) and AffirmX announce CUSG's acquisition of the
majority ownership of credit union sector rights to AffirmX's patented
risk management and compliance solutions. As part of the agreement,
CUSG, in conjunction with state credit union leagues, will expand and
enhance the delivery of AffirmX's compliance offerings.
AffirmX currently serves more than 120 credit unions nationwide with
bundled and unbundled compliance risk assessment tools and services,
including:
- Enterprise Risk Management Assessment
- Regulatory Compliance Monitoring
- The AffirmX Four Report Package
- IT Risk and Vulnerability
- Loan Review Services
- Fair Lending Risk Assessments
- Internal Audit Outsourcing
- Vendor Management
- Cybersecurity Risk Assessment
- ADA Compliance
Several state leagues and associations already distribute and support
AffirmX solutions, including the Mountain West, Maryland/D.C., New
York, Connecticut, Dakotas, New Jersey and Indiana associations as well
as the National Coalition of Firefighters Credit Unions and the
Education CU Council. This new alliance will seek to expand that network
of association partners and build on AffirmX's success in the
marketplace.
"We are excited about becoming a part of the national framework of
relationships and solutions brought to the table by CUSG and our other
partner and investor leagues," Ken Wolff, CEO of AffirmX, said. "With
the addition of these new relationships, and further leverage of our
existing ones, and their vast knowledge base, content and distribution
networks, we hope to ease the burden of regulatory change management for
the credit union community nationwide and look forward to a powerful
and effective partnership for years to come."
CU Solutions Group is a credit union industry leader in providing
technology, marketing, HR performance and strategic advisory solutions
to more than 3,400 clients nationwide. CUSG will leverage its existing
product suite and client base to coordinate enhancements and additions
to the AffirmX Governance, Risk and Compliance suite.
"Providing credit unions with regulatory compliance tools and
consulting has long been a core business for state leagues and
associations," Dave Adams, president/CEO of CU Solutions Group, said.
"In cooperation with League InfoSight and CUNA, CUSG has been at the
forefront of enabling these leagues to have the investment, sales and
support opportunities necessary to provide top-notch technology and
service to member credit unions in this area. This transaction will
further expand those opportunities." Adams added, "It is CUSG's strong
desire to share this investment and distribution opportunity with
interested partner leagues, including those who are already committed to
doing so."
As part of this transaction, CUSG and co-investor leagues will have
exclusive and perpetual license to the patent, code, contracts and
intellectual property for all AffirmX solutions in the credit union
sector. In turn, CUSG will contract with AffirmX to service current and
future contracts and to partner in future product development.
In cooperation with participating state leagues nationwide, CUSG and
AffirmX plan to co-invest and co-distribute a robust suite of
governance, risk and compliance (GRC) solutions that will be made
affordable to credit unions of all sizes.
The transaction is targeted to close by March 31, 2019.
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About CU Solutions Group
CU Solutions Group is an award-winning credit union service
organization that offers products and services in the areas of
technology, marketing, HR performance and strategic advisory, which
include web services, mobile app solutions, digital advertising, Save To
Win, Love My Credit Union Rewards, Performance Pro and Compease. The
company has more than 100 investors comprised of credit unions, credit
union leagues and credit union system organizations. Headquartered in
Livonia, Mich., the organization serves more than 3,400 clients
nationwide and has strategic partnerships with Sprint, Intuit TurboTax®,
GSTV and CU Vendor Management. For more information, visit
CUSolutionsGroup.com Opens a New Window. .
About AffirmX
AffirmX was originally established to help financial institutions
stay on top of consumer regulatory compliance requirements. Traditional
"boots on the ground" models of consulting are costly in terms of both
the utilization of company resources and the time and billing rates of
senior consultants and their associated expenses. To solve this problem,
AffirmX created a hybrid solution: patented technology plus experienced
analysts.
Today, AffirmX has become an industry-leading risk management and
compliance services provider by presenting clients with the prioritized,
relevant and timely information they need to lower the cost of
proactive risk management. They provide compliance tools for credit
unions and banks that reduce the costs, workloads and anxieties
associated with regulatory compliance. With more than 120 credit union
clients and scores of association partnerships, AffirmX is a leader in
the field of compliance management solutions. For more information,
visit
AffirmX.com Opens a New Window. .
Media Contact:
Daniel Curren, Director of Integrated Marketing, CU Solutions Group
734-793-3469
