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Ncontracts Acquires QuestSoft Corporation

Ncontracts Acquires QuestSoft Corporation

Posted by Guy Weismantel on Jan 6, 2021 7:30:00 AM
Guy Weismantel

Ncontracts, the leading provider of integrated risk management solutions for the financial services industry, announced that it has acquired QuestSoft Corporation, a leading provider of compliance software and services for the mortgage, bank and credit union industries.

Combining Ncontracts with QuestSoft will be transformative for customers and for the industry. The combination creates a powerful end-to-end risk and compliance suite uniquely enabling financial institutions to grow and succeed in the evolving regulatory environment.

“Leonard and his team have built an outstanding company and culture with an incredible set of customers and partners,” said Michael Berman, CEO of Ncontracts. “This is a tremendous combination for our customers. Together, Ncontracts and QuestSoft will help financial institutions and mortgage companies not only meet the increasing needs and complexities of today’s regulatory environment but prepare them for the future. The combination of our teams and solutions creates tremendous value to our clients and the financial services industry.”

With the acquisition, Ncontracts will now offer the most comprehensive set of capabilities to assess and monitor risk and compliance for financial services companies, which includes banks, credit unions, mortgage companies, and fintechs, to make sure that information needed for compliance and risk management is securely and seamlessly shared across the entire organization.

“We’re extremely excited to bring our company together with an industry leader like Ncontracts,” said Leonard Ryan, founder and President of QuestSoft Corporation. “Our software and products have helped thousands of financial institutions and mortgage companies deal with regulatory requirements from HMDA, CRA, and Fair Lending regulations to automated digital compliance and other needed regulatory requirements. Bringing our capabilities and insights together with the leadership and reach of a company like Ncontracts is great news for our 2700 customers around the country and the industry at large.”

Ncontract’s integrated risk management solution enables banks, credit unions, mortgage lenders, and fintech companies in all 50 states to automate their risk management and compliance activities. Clients save time in assessing and managing risks related to the financial products they market to consumers and ensure that their compliance activities are accurate and complete. The need for this “RegTech” software has become more critical as federal and state regulations have become more complex, and as the impact of COVID-19, PPP loans, and lending diversity and equity initiatives continue to evolve. The combined company will have over 260 employees and more than 3700 financial institutions and mortgage companies around the country.

“With the addition of the QuestSoft products and expertise to our existing lending compliance solutions we now have the ability to deliver the most comprehensive set of integrated risk management offerings available in the marketplace,” said Michael Berman, Ncontracts CEO. “And with the backing of our financial partner, Gryphon Investors, we continue to build on our next phase of growth and look forward to integrating our products and companies together with a strong focus on delivering solutions for our combined customer base in the coming years.”

About Ncontracts:
Ncontracts provides integrated risk management and compliance software to a rapidly expanding customer base of nearly 1500 financial institutions located in all 50 states and US territories. The company’s powerful combination of software and services enables financial institutions to achieve their risk management and compliance goals with an integrated, user-friendly cloud-based solution suite that encompasses vendor risk, organizational risk, audit risk, and compliance risk management. The company was recently named to the Inc. 5000 fastest-growing private companies in America for the 2nd consecutive year. For more information visit www.ncontracts.com or follow the company on LinkedIn and Twitter.

 

About QuestSoft:
QuestSoft Corporation is the leading provider of comprehensive compliance software and services for the mortgage, bank and credit union industries. QuestSoft offers solutions for HMDA processing and reporting, CRA and fair lending compliance analytics, automated compliance reviews and software design expertise, enabling more than 2700 customers to simplify and speed the collection, analysis and reporting of key lending data. For more information, visit
www.questsoft.com.

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