League CUSOs Buy Vendor Management Provider
LEVERAGE, the service corporation of the League of Southeastern Credit Unions, has joined with Strategic Partners and CU Solutions Group to acquire Credit Union Vendor Management in Morrison, Colo.
CUVM is a provider of a contract management solution that manages vendor relationships, helping credit unions to comply with vendor due diligence and minimize vendor risks.
"This collaboration between our three league service corporations is a great example of the type of partnership needed to bring great products and services to credit unions,” said LEVERAGE President/CEO Patrick La Pine.
“CUVM has a proven name in the marketplace and we look forward to offering it to more credit unions across the country and easing their contract management burden,” said La Pine, who also heads up the LSCU.
CUVM was developed as a CUSO by a group of credit unions, vendors and industry professionals to provide a reliable outsourced solution for vendor management and due diligence.
The new ownership group consists of LEVERAGE; Strategic Partners, Mountain West Credit Union Association’s service corporation; and CU Solutions Group, a national CUSO with a broad base of credit union system owners.
The CUVM ownership group has a long history of supporting credit unions with solutions that enhance their ability to serve their membership, they said in a release. The group combines operational and sales expertise, as well as long-lasting credit union relationships.
“We are very excited about the acquisition and additional resources this ownership group will provide CUVM,” said CUVM founder Rock Carter. “Joining this group will better enable CUVM to maintain its role as an industry leading, vendor management provider while also maintaining credit union ownership.”
The deal looks to take vendor management to a strategic level by enhancing contract management processes and providing efficiencies with regards to purchasing. The CUVM platform will allow credit unions to focus resources on serving members, while ensuring that their vendor management program meets required NCUA standards.
“With the growing volume of regulatory compliance requirements, automation and overall risk management are critical for credit unions,” said Dave Adams, CEO of CU Solutions Group. “CUVM is a great solution for helping credit unions manage and automate vendor due diligence; it also provides the personal touch of supporting clients, including assisting with the collection of vendor information.”
“Now, more credit unions will be able to utilize a much more robust vendor management program,” added Mountain West Senior Vice President Mike Atchison. “With the additional resources of the three partners, the program will also see increased enhancements going forward. The ability to scale is another key piece to the puzzle.”