Core processing solution NYMBUS today added to its repertoire with the acquisition of R. C. Olmstead (RCO), a core data processing solutions provider.
Negotiations of the acquisition, which closed in March, began in the fall of 2015. As part of the deal, the Miami-based company will bring on RCO’s client base of 46 Midwest-based credit unions. NYMBUS has also acquired some of RCO’s talent, including “the team responsible for RCO’s conversions and implementations, as well as other RCO team members.”
RCO’s Founder Bob Olmstead, who launched the company in 1978, said the sale will both allow him to retire and help RCO to “not only survive, but be given the best chance to thrive in a continually changing and rapidly evolving marketplace.” Olmstead said the move assures him that RCO will “remain focused on its vision of marrying superior customer service with a cutting-edge, forward-facing product I feel will grow into the industry standard.”
NYMBUS CEO Alex Lopatine said the experience of combining the two companies has been “seamless” and “positive.”
NYMBUS debuted its modern approach to core processing at FinovateSpring 2016. Mario Garcia, the company’s chief experience officer, demonstrated how its bank-in-a-box offers a full-stack banking platform to help smaller financial institutions gain a competitive edge against big banks.
Launched in 2015, NYMBUS has accumulated $12 million in self-funded investment from company stakeholders and received $10 million in funding from outside investors. The company employs 60 people across the United States and counts 130 financial institutions as clients (including those from RCO).