NXTSoft, the data software company, is expanding in the financial services markets via its recent acquisition of CCMC, the Orlando, Florida data integration software company.
CCMC is among the leaders in providing data integration and connectivity services to financial companies. It develops bidirectional secure application program interfaces or APIs for more than forty core processing vendors. According to NXTSoft the company is the gold standard for financial companies and fintech companies looking for APIs.
“The acquisition of CCMC complements our previous acquisition strategy and allows us to expand NXTSoft’s secure data-centric focus to encompass data connectivity for companies and financial institutions,” said David Brasfield, CEO of NXTSoft said in a press release announcing the deal. “We have some exciting things planned for the CCMC business as we incorporate some of our existing cybersecurity technology around the stellar connectivity solutions that CCMC has spent the past 25 years industrializing and perfecting.”
NXTSoft didn’t disclose terms of the deal but said with the addition of CCMC its SaaS revenue will be more than $25 million and it will have over $7 million in EBITDA. The deal gives NXTSoft a customer base of about 1000 financial institutions. When CCMC is integrated into the company, NXTSoft will have more than 3300 business customers and 150 employees spanning six offices.
CCMC Founder and chief executive officer Gene Lederer will remain CEO of that unit.
“NXTSoft is committed to innovation and growth and is an excellent fit for CCMC,” said Lederer in the same press release. “They have a substantial presence in the FinTech and security space, and they don’t present any conflicts with any partners, vendors or core companies that we have built our business serving.”
CCMC isn’t the only acquisition NXTSoft made this summer. In July it announced the acquisition of Gulf Guard Cyber, a division of Gulf Guaranty Insurance. Gulf Guard Cyber makes a reporting and monitoring tool designed for the board of directors and managing teams to stay abreast of cybersecurity vulnerabilities. The software dubbed Cyber Director gives executives information on how well a company’s security risks are being managed and what questions management should ask IT staff.
When announcing the deal, another one in which terms weren’t disclosed, NXTSoft said it will integrate it into its current security offering as well as sell it as a stand-alone product. It’s targeted at small and medium-sized businesses, providing them with a lower-cost alternative to hiring a chief information security officer.
“Cyber Director is an excellent addition to our cybersecurity suite and an imperative component of NXTSoft’s ThreatAdvice vCISO solution,” said Brasfield at the time. “Integrating Cyber Director into our current solution will assist in automating several of the tasks our team was conducting manually and will provide a more seamless experience for management teams utilizing our solution.”