MSP Acquired: Credit Union Buys DaLand Solutions
DaLand Solutions, which specializes in providing technology and professional services to credit unions across the United States, has been acquired by a Nutmeg State Financial Credit Union. The MSP will now operate as a wholly owned CUSO (Credit Union Service Organization) of Nutmeg.
Rocky Hill, Connecticut-based Nutmeg State has 39,000 members and $450 million in assets. According to its own literature, the organization is one of the largest credit unions in the country.
Nutmeg began its relationship with the Aurora, Colorado-based DaLand as a customer in 2015 when it went to the firm for help selecting its new core processing platform. Since then, the two organizations have undertaken many joint projects. Terms of the deal were not disclosed.
“The relationship between our two organizations quickly grew from a mere client/vendor relationship to one of a partnership in the truest sense of the word,” said credit union CEO John Holt. “The DaLand folks were like employees – a part of our extended family. It was readily apparent that DaLand shares our commitment to keeping credit unions relevant through the effective use of technology.”
Holt says he plans to help DaLand become an even bigger influence in the credit union marketplace. It seems a good fit, given that DaLand co-founder Dan Micale and his partner Jon Ungerland have longstanding roots within the credit union sphere. According to Micale, the two organizations share a common vision of technology and what it means to the future relevance of the credit union industry.
“We’ve always considered DaLand as more than just another credit union vendor. When Nutmeg approached us about becoming a CUSO, it made perfect sense as the next logical step for our company.”
The company says that its CUSO delegation will allow it access to resources it wouldn’t otherwise have had available. According to Ungerland, from the beginning of discussions, Nutmeg was committed to structuring the CUSO to ensure an aggressive focus in pursuing a wide range of technology initiatives “designed to directly impact credit union relevance.”
Micale will now assume the role of Chief Relationship Officer while Ungerland will give up his CEO title to become the firm’s COO. Ungerland will remain responsible for DaLand’s technology products and professional services delivery, the company said. Jeff Levesque, the credit union’s EVP and COO, will assume the role of DaLand CEO.
The organization says it expects little disruption to its day-to-day operations and promises new developments are on the horizon.
“We wouldn’t have made this move if we didn’t believe we can have a significant impact on the credit union movement,” said Levesque. “We have the right team and the right tools in place to make a real difference.”