Finovifi in Birmingham, Ala., has acquired Modern Banking Systems in Omaha, Neb.
Finovifi, which did not disclose how much it paid for the core processing company, said in a press release that it plans to integrate many of its products, including FraudSentry, FraudXchange, SilverSafe, and ComplyPilot, with the MBS platform.
“This acquisition represents a unique opportunity to bridge the gap in the market for technology-led, market-relevant solutions that help banks not only survive but thrive,” Russell Taylor, Finovifi’s president, said in the release. “By leveraging our expertise and focus on innovation, we aim to reestablish MBS as a trusted partner in enabling banks to retain and grow their market share while staying at the forefront of industry trends.”
Finovifi said the deal included Modern Banking Systems of Alabama (MBSAL), which distributes MBS solutions in the Alabama, Mississippi, Georgia, Tennessee, and Arkansas.
Russ Smith, who owned MBSAL, will remain with Finovifi.