Wolters Kluwer GRC to acquire eOriginal for €231 million
By Megha Bhattacharya
Wolters Kluwer Governance, Risk and Compliance (GRC) announced that it has signed an agreement to acquire digital lending software provider eOriginal for €231 million in cash. The acquisition is expected to extend GRC Compliance Solutions’ position in U.S. mortgage and loan document generation and analytics. Completion of the transaction is subject to customary closing conditions and expected before the end of 2020.
“Borrower preferences, competition among lenders, and changing regulations are driving increased digitization of the lending workflow. eOriginal is well-positioned to take advantage of these systemic trends,” said Steven Meirink, Executive Vice President and General Manager, Compliance Solutions, Wolters Kluwer GRC. “The acquisition positions us as the leading provider of digital lending solutions, spanning all workflows from loan approval, to document preparation and closing, with compliance certainty.”
Established in 1996, eOriginal’s platform enables lenders and their partners to create, store and manage digital assets from close through to the secondary loan market. It serves around 650 customerss in the US including banks, mortgage lenders, consumer lenders, and auto and equipment finance lenders.
“eOriginal is a leader in digital loan solutions with a proven track record of growth and customer adoption,” added Brian Madocks, CEO of eOriginal. “Digital lending continues to grow across all industries. Customers want and need purpose-built digital solutions that are complete and compliant. The combination of eOriginal and Wolters Kluwer provides exactly that – the right solution, in the right market, at the right time.”
Recently, Wolters Kluwer’s Finance, Risk & Regulatory Reporting (FRR) business has been chosen as an approved vendor for the SME GoDigital program operated by Singapore’s Infocomm Media Development Association (IMDA). The SME Go Digital initiative enables institutions operating in Singapore to receive a grant to cover the implementation costs of adopting a pre-approved solution. More than 20,000 SMEs have adopted digital solutions from the program since its launch in 2017.
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