ieDigital acquires Connect FSS to become one of the largest global digital banking software providers

London / Salt Lake City, 5th October 2023 – ieDigital, a leader in digital banking software in the UK, has today announced it has acquired Connect FSS, the US-based digital banking Software as a Service (SaaS) technology provider.

ieDigital is a major player in the UK fintech market, providing digital software solutions for over 50 financial services businesses. ieDigital is the chosen partner to four of the UK's five largest banks and has a proven track record of delivery of digital platforms across a broad range of financial products.

Connect FSS is a preeminent digital banking provider, currently serving credit unions in the United States.

The acquisition follows a detailed search by ieDigital over the past year for a business partner that can help the company accelerate its growth plans and cement its position as a leading UK fintech player with international market reach.

The acquisition will bring together the expertise of both companies, signifying a shared vision to deliver new and improved digital software solutions and exceptional customer service to financial services firms and credit unions.

For the marketplace the acquisition delivers clear benefits that include:

• Scale – the acquisition brings more scale and resources that will deliver business value to customers
• Enhanced digital solutions – both companies already operate with complementary SaaS technology, and clients will now be able to get the benefit of both organisation's software
• Accelerated innovation – teams from both companies will be able to work closely together delivering faster innovation and software development, with clients directly benefitting from new or improved digital solutions
• International reach – with an increased global footprint, both businesses will be better positioned to serve clients across the world

Jerry Young, CEO of ieDigital and Grant Parry, President & CEO of Connect FSS, will work in synergy to lead the two businesses and continue to deliver unrivalled service and solutions to both customers and partners.

The two companies will sit as part of a new ieDigital Group (the Group), where Young will become Chief Executive Officer (CEO) and Parry will become Executive Vice President (EVP) of Strategy.

At this time, both companies will retain their separate brand names in their respective markets, with separate websites. Connect FSS will also remain a Credit Union Service Organisation (CUSO).

Jerry Young, CEO of ieDigital, commented:

"Were very excited about the growth opportunity this acquisition will bring. Joining forces with Connect FSS will enable us to support a broader range of customers in different geographies that we wouldn't have otherwise been able to reach, and strengthen our technology with insight from our new colleagues in the US. We look forward to seeing the benefits that will come with today's deal."

Grant Parry, President & CEO of Connect FSS, added:

"Partnering with ieDigital is a natural next step in our evolution as a business. There is a clear synergy between our two cultures, and in terms of the technology and skillsets that we share. We're enthusiastic about what we will be able to deliver with ieDigital's insight and experience in fintech. Our joint ambition is to provide excellent customer service and tailored solutions to clients, and we are confident we can further achieve this with today's news."

-ENDS-

For press enquiries, please contact ieDigital@pagefield.co.uk

Notes to Editors

About ieDigital

ieDigital has been providing sophisticated, interactive, and intuitive digital customer services solutions to the UK’s leading financial services names for over 20 years. Its Interact suite of products allows banks, building societies, lenders and motor finance providers to offer the highest levels of digital functionality available today, including cutting-edge website functionality and the latest smartphone technology. This enables them to encourage engagement, nurture trust and develop valuable, long-lasting relationships with customers.

ieDigital is established as an industry thought leader, with its experts regularly featured in leading trade press outlets and invited to deliver keynote presentations at industry events.

ieDigital is a portfolio company of Parabellum Investments, which is led by founder and CEO, Rami Cassis.

About Connect FSS

Connect is a technology Credit Union Service Organization (CUSO) focused on the benefit of credit unions and their members. Connect's customizable enterprise digital banking solutions support credit unions' unique individual needs by offering online and mobile banking, bill pay, programming services, and digital account opening and lending applications. Connect has complete user interface design flexibility and provides parity across all digital channels, creating a better user experience. By partnering with more than 150 third-party providers, many of which are selected by clients, Connect offers a wealth of evolving functionality to better meet members' current and future needs. Connect with them at www.connectfss.com to learn more.