The Co-operators announced that they have acquired Technicost, a technology company that provides credit management solutions, including Loan Origination Systems (LOS) to Credit Unions, effective December 31, 2018.
"This was a natural fit for us as our organizations share values with respect to serving credit unions in Canada," said Rob Wesseling, president and CEO, The Co-operators. "We can now deliver a broader suite of options and capabilities in the creditor space and will continue to support our credit union partners' choice of LOS."
Technicost has been providing credit software solutions to Canadian credit unions for over 35 years and is a financially strong organization with room for growth.
"We've worked hard to successfully build Technicost and are proud of our achievements in the creditor space," said Dominic Paquette, CEO of Technicost. "We are in a position to continue to grow our product offering and become a market leader with the support of a strong organization like The Co-operators."
Technicost's current management team and staff will remain in place and it will be business as usual for clients. Technicost will operate as an independent entity as part of The Co-operators group of companies.