Demopolis Equity Partners, a technology-focused private equity firm based in Jersey City, N.J., announced Thursday that it has acquired TruStage’s Digital Storefront business.
Digital Storefront is a digital marketing platform for credit unions and community banks that enables them to deliver personalized offers, lifecycle campaigns and engagement strategies to members and customers, helping the institutions to grow loans, deposits and non-interest income. According to the announcement, the acquisition will establish Digital Storefront as an independent company and provide it with an enhanced operational focus and additional resources to pursue growth and expansion initiatives. Financial terms of the deal were not disclosed.
“Digital Storefront has proven itself as a critical growth engine for financial institutions and helps them deliver the right financial solution to the right customer,” Demopolis Managing Partner Tim Greenfield said. “We’re making a long-term investment in technology that empowers credit unions and community banks to compete, grow and deliver greater value to their members. This investment is about scaling a winning platform and accelerating innovation in a sector that’s ready for it, and we are excited to support the growth and expansion of the DSF platform and partner with the team to unlock their next level of success and deliver expanded solutions to their customers.”
Brian Bodell, vice president of fintech solutions at TruStage, will serve as CEO of the newly-independent Digital Storefront.
“Our clients continue to drive significant growth through Digital Storefront,” Bodell said. “Now, with Demopolis’ support, we’re expanding those results and the possibilities of what our products help achieve – accelerating product innovation, deeper personalization, and adding more ways for financial institutions to drive engagement and outperform in their markets. We’re building on the incredible foundation TruStage helped create, and we are thrilled to partner with Demopolis in this exciting new chapter.”
As Demopolis pursues targeted investments in innovation, integrations and service delivery to enhance the Digital Storefront platform, TruStage will remain a partner to the company, continuing to offer insurance and payment protection products through the Digital Storefront product suite. Demopolis noted that Digital Storefront clients will continue to be supported by the same team of professionals.
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