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Cornerstone Advisors of Scottsdale, Ariz., said it completed its acquisition of the Orlando-Fla.-based Next Step, a professional services firm that provides technology consulting services for credit unions and banks.
Financial terms of the deal completed last week were not disclosed.
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In a prepared statement, Cornerstone Advisors said Next Step has a solid, market leading position delivering a portfolio of advisory services that are complementary to those offered by Cornerstone Advisors, a management and technology consulting company for credit unions, banks and fintechs. Founded in 1995, Next Step's 30 employees provide core, digital banking and key ancillary system selection; contract negotiations; conversion management and process improvement services for financial institutions.
Cornerstone Advisors said the partnership will enable both firms to invest in new and enhanced advisory services and people.
"Adding Next Step's complementary experience in core banking systems, implementations and contract negotiations to Cornerstone's existing service offerings creates a combined firm with an unmatched level of service that will help our customers remain prosperous," Cornerstone CEO Scott Sommer said in a prepared statement.
Cornerstone said its leadership team will be expanded to include Next Step's senior leaders.
Next Step Founder Peter Jeye will provide support for a transition period of several months and remain accessible through 2022.
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Peter Strozniak
Credit Union Times reporter covering credit union operations, fraud, M&As, leagues, business continuity, and breaking news.
