Ncontracts Acquires Questsoft Corporation
- Leader in Integrated Risk Management Solutions Combines Forces With Leader in Lending Compliance to Create an End-to-End Risk and Compliance Portfolio for the Financial Services Industry
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.
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“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.”
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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. “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.”