M&A Deal Summary

Velocity Solutions Acquires CourtesyCloud Management Solutions

On August 14, 2018, Velocity Solutions acquired internet software and services company CourtesyCloud Management Solutions from BSG Financial Group

Acquisition Highlights
  • This is Velocity Solutions’ 2nd transaction in the Internet Software and Services sector.
  • This is Velocity Solutions’ 2nd transaction in the United States.
  • This is Velocity Solutions’ 1st transaction in Kentucky.

M&A Deal Summary
Date 2018-08-14
Target CourtesyCloud Management Solutions
Sector Internet Software and Services
Buyer(s) Velocity Solutions
Sellers(s) BSG Financial Group
Deal Type Divestiture

Target

CourtesyCloud Management Solutions

Louisville, Kentucky, United States
CourtesyCloud Management Solutions LLC is a cloud-based courtesy overdraft management system. The software and processes allow financial institutions of all sizes to automate their overdraft service and manage it as a line of business for enhanced account holder experience, compliance and revenue. CourtesyLimit™ is the risk management component of the system. It provides innovative data analysis capabilities to create dynamic overdraft limits tailored to an individual’s repayment capacity.

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Buyer(S) 1

Buyer

Velocity Solutions

Fort Lauderdale, Florida, United States
Category Company
Founded 1995
Sector Software
DESCRIPTION

Velocity Solutions provides technology solutions that drive revenue, service, and compliance for community banks and credit unions. The company's Velocity Intelligent Platform powers all of Velocity’s solutions, using machine-led intelligence that delivers powerful analytics, manages risk, and drives revenue, loans, account holder engagement, and non-interest income to its client financial institutions. Velocity Solutions was formed in 1995 and is based in Fort Lauderdale, Florida.

DEAL STATS #
Overall 2 of 2
Sector (Internet Software and Services) 2 of 2
Type (Divestiture) 1 of 1
State (Kentucky) 1 of 1
Country (United States) 2 of 2
Year (2018) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-06-21 Akouba

Chicago, Illinois, United States

Akouba, Inc. is a white label SaaS-based digital lending platform that enables financial institutions to underwrite loans quickly, efficiently, and profitably to small and medium-sized business (“SMB”) customers. Akouba, Inc. was founded in 2014 and is based in Chicago. Illinois.

Buy -

Seller(S) 1

SELLER

BSG Financial Group

Louisville, Kentucky, United States
Category Company
Founded 2000
Sector Information Technology
DESCRIPTION

BSG Financial Group is a group of independently organized companies that provides revenue-enhancement and compliance solutions for financial institutions nationwide. Company services includes Overdraft Management Solutions, Fee-Based Checking Accounts, Digital Lending Solutions, Vendor Management, ?Social Media Management and CD Sales Strategies. BSG Financial Group is comprised of the following companies: CourtesyCloud Management Solutions, LLC provides Courtesy Connect®/Courtesy Limit overdraft management services. BSG Financial, LLC is an independent sales representative for digital lending solutions, social media management, fee-based checking accounts, and account acquisition strategies. It also provides administrative support and services to CourtesyCloud Management Solutions, LLC and IQ Development, LLC.

DEAL STATS #
Overall 1 of 1
Sector (Internet Software and Services) 1 of 1
Type (Divestiture) 1 of 1
State (Kentucky) 1 of 1
Country (United States) 1 of 1
Year (2018) 1 of 1
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