The Brentwood-based financial software company Ncontracts has acquires a compliance software business called QuestSoft Corporation.
Ncontracts provides risk management and compliance software to financial institutions. QuestSoft provides compliance software and services for the mortgage, bank and credit union industries.
“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,” Contracts CEO Michael Berman said, according to a press release. “The combination of our teams and solutions creates tremendous value to our clients and the financial services industry.”
In the press release, Ncontracts argues that “RegTech,” software that helps financial institutions comply with regulations, is more important than ever because of the increasing complexity of federal and state regulations. The company cited the impact of COVID-19 and new diversity and equity initiatives in the lending industry as examples of this more complex regulatory environment.
The combined company will have more than 260 employees and more than 3700 financial institutions and mortgage companies around the country. Ncontrtacts announced the acquisition on Jan. 6.