PR - Wolters Kluwer Financial Services Acquires AppOne

 
Wolters Kluwer Financial Services today announced the acquisition of the AppOne Companies (AppOne), a leading provider of technology and risk mitigation services to independent automobile dealers and lenders throughout the continental United States. Terms of the agreement were not released.

AppOne’s main offerings include solutions that address automating indirect lending, credit approval and compliance processes for independent auto dealers and lenders. Wolters Kluwer Financial Services provides standard and customized pre-printed forms, electronic documents and e-contracting solutions to a majority of the top-tier U.S. auto finance lenders. With the acquisition of AppOne, Wolters Kluwer Financial Services expects to integrate its compliance content with AppOne’s leading process automation suite. This will provide the indirect lending market with an end-to-end solution that helps indirect lenders address the inefficiencies of a manual loan documentation and verification process.

"This acquisition is intended to help Wolters Kluwer Financial Services more fully serve the automotive indirect lending market," said Brian Longe, president and CEO of Wolters Kluwer Financial Services. "AppOne’s state-of-the-art technology solutions complement Wolters Kluwer Financial Services’ trusted compliance content, which is built upon the more than 50 years of experience and knowledge behind Wolters Kluwer Financial Services’ Bankers Systems product line. Together we can offer automated tools that help the auto lending industry more effectively serve their customers." Longe added that Wolters Kluwer Financial Services is already a leader in end-to-end workflow solutions in the community bank market with its ComplianceOne solution.

There are a number of factors fueling the automation of indirect lending in the automotive sales industry, including an increased level of competition among lenders and the errors that can result from manual processes. Greater risk and operational controls have also come in focus as dealers and lenders work to meet regulatory requirements tied to the USA PATRIOT Act, Equal Opportunity Act and FACT Act.

"Wolters Kluwer Financial Services is an industry leader when it comes to addressing compliance and operational risk management issues-a growing need for the independent auto market," said Lee Domingue, founder and CEO of AppOne. "Through this acquisition, we are positioned to further expand our ability to help independent dealers and lenders compete in the marketplace and strengthen the experience customers have with AppOne and Wolters Kluwer Financial Services."

The AppOne executive team, including Domingue; Chris Herndon, chief financial officer; Gary Perdue, chief operating officer; and Param Ramakrishnan, chief information officer, joined Wolters Kluwer Financial Services. Domingue continues to serve as CEO of AppOne.