MALVERN, Pa. -- Akcelerant Software LLC has added 29 credit unions to its client base in one stroke of the pen with the purchase of the TAPS lending software business from FORUM Solutions.
A $1 billion CUSO based in Indianapolis, FORUM Credit Union developed FORUM Solutions, the first version of its automated lending software in 1999, and began selling it to other credit unions soon after.
Continued investment is needed to keep the platform, which now runs on a Microsoft SQL server using the .NET framework and InterSystems Ensemble business process engine, on the edge in a competitive market, the companies said.
"Akcelerant has ... the resources and commitment to take TAPS to a higher level and keep it on the cutting edge of lending innovation," said Doug True, a senior vice president at FORUM CU and co-founder of FORUM Solutions.
"The TAPS software grew from a need FORUM Credit Union had that was not being met by other products in the marketplace," True said. "At the time we had no vision of establishing a CUSO to help other credit unions, and now, eight years later, we did not imagine that we would be selling the software rights to another organization."
FORUM Solutions will continue serving its consulting clients and its focus on innovation, the CUSO said.
Meanwhile, "our immediate plans are to integrate TAPS into the Akcelerant Framework and to enhance TAPS business lending and account opening functionality," said Akcelerant Software CEO Jay Mossman.
Akcelerant currently provides collections, service, sales and marketing software to more than 200 credit unions and banks in 44 states, the company said.
The sale is effective April 1, and transition of TAPS sales and support will begin immediately, the companies said. Terms of the transaction were not announced.