PRESS RELEASE (01/6/15) — Doxim, a leading provider of Customer Communications Management software for the financial services industry, today announced that it has completed the acquisition of Neocog Technologies. Neocog’s Member1st suite of solutions includes ACE Customer Relationship Management (CRM), Cognito Business Intelligence (BI) and IntelliLender Loans Origination System (LOS). These solutions empower clients by giving them a robust 360 degree view of their customers, the ability to process and decision loans quickly and efficiently, and easy access to business intelligence for strategic decision making.
Founded in 2001 and based in London, Ontario, Neocog’s customers include 29 of the top 100 Canadian credit unions, who in turn serve over 1 million members nationwide. Following the transaction, all Neocog employees have joined the Doxim team.
“In response to ever increasing competition in the Financial Services sector, community banks and credit unions are increasingly adopting Customer Communication Management software solutions to maintain, protect and grow their customer bases”, said Chris Rasmussen, Doxim’s President and CEO. “By combining and integrating Neocog and Doxim solutions, we will provide our joint clients with an expanded set of tools to build and maintain their competitiveness, while remaining focused on improving their overall customer experience.”
“This acquisition is great news for our combined clients, partners and employees”, added Chris Palmer, Founder and CEO of Neocog Technologies. “Both companies have substantial presence in the Community Banking and Credit Union marketplace, but with relatively little overlap in our respective client bases. This creates many opportunities to expand the footprint of our Neocog Customer Relationship Management, Loans Origination and Business Intelligence solutions to a wider base of Credit Union clients and the broader financial services sector. Becoming part of Doxim will also speed development of new front-office solutions that our clients are asking us to help them with.”
This strategic acquisition brings several key benefits to Doxim’s and Neocog’s combined client base:
— It provides them with access to all the tools they need to achieve timely, relevant, one-to-one communications with their customers, based on an intimate understanding of each individual customer, all accessible from one central location.
— By integrating Doxim ECM with Neocog ACE, it provides clients with an easy, Software as a Service (SaaS) based way to store all their customer relationship documents in Doxim ECM, a central, secure online document repository, accessible by authorized users.
— The integration of Doxim OpenAdvantage account opening and Neocog ACE CRM will facilitate the propagation of key customer intelligence to ACE during the account opening process, to be leveraged later by phone, by email or via targeted messaging on relevant customer communications, including monthly statements produced on the Doxim Document Factory platform.
— Integrating Neocog IntelliLender LOS with Doxim ECM and its integrated eSignature capability provides for true straight-through paperless loans processing, with loans initiated IntelliLender, passed through eSignature workflow and stored fully signed in Doxim ECM, where they can be quickly and easily accessed by staff and customers alike.
Longer term, Doxim also plan to invest in the development of ACE, IntelliLender and Cognito platforms as SaaS solutions, available through Doxim’s existing, highly secure cloud computing environment. Once completed, Doxim’s customer base can leverage the SaaS versions of these applications as a secure, cost-effective alternative to on premise software. This will extend the reach of both Doxim and Neocog solutions to a much broader audience and lowers the cost of entry to these solutions for small and mid-sized financial institutions.
Doxim also plans to extend the ACE CRM platform to provide a SaaS-based CRM Solution for Doxim’s Canadian Wealth Management clients, as well as extend access to the US Credit Union, Community Banking and Wealth Management sectors