"The acquisition of TMG and the evolution of our leadership team are designed to maximize benefits for the clients of both companies," said Todd Clark, President/Chief Executive Officer. "We are creating a new CO-OP that embraces technology and best-in-class service delivery to create a seamless, secure and personalized experience for our clients and their members, however they choose to interact with their credit union using a CO-OP product."
CO-OP had been the minority owner of TMG and purchased all remaining shares of the company from the Iowa Credit Union League for $100 million. With the acquisition of TMG, CO-OP becomes a fully-integrated, comprehensive payments services company, realizing the vision of the original partnership formed by the two companies in January 2012.
"The combined forces of TMG and CO-OP provide credit unions with a single point of entry to the most innovative, tailored, cost-effective products and services as they prepare for a rapidly transforming payments landscape," said Clark. "We will offer the market greater integration of the two company's product lines and a simplified, predictive client experience. We will also leverage artificial intelligence, custom business intelligence, consultation and deeper security offerings that marry machine learning and human analysis to perfect authentication, reporting and anticipation of fraud."
The acquisition complements CO-OP's $25 million investment in technology infrastructure and product innovation in 2017. CO-OP's investment emphasizes improving the industry's ability to fight fraud while advancing a positive, sophisticated consumer payment experience - transforming both the company and its offerings to meet the rapid digitization of payments.
CO-OP's New Organizational Structure
CO-OP's new organizational structure is designed to bring the best minds in the business together to efficiently integrate the new combined organization, optimizing the benefits to the companies' respective and mutual clients.
CO-OP is adding several key executive management positions and making new appointments to build out its service delivery to credit unions, including:
"We believe the combining of CO-OP and TMG adds up to a 'dream team' of the payments and financial services industry," said Clark. "It's an exciting time. With our expanded leadership team, CO-OP's and TMG's dedicated employees, and a well-defined go-to-market strategy, we have never been in a better position to lead and serve the credit union movement."
For more information, visit www.co-opfs.org.
About CO-OP Financial Services
CO-OP Financial Services is a payments and financial technology company that supports 3,500 credit unions and 60 million members by providing a cutting-edge suite of customizable tools and services. The company was the first in its industry to merge purpose, innovation and technology to help credit unions advance the industry mission of people helping people. Visit www.co-opfs.org.