SOURCE: NYMBUS

NYMBUS

June 01, 2016 10:00 ET

NYMBUS Acquires R. C. Olmstead, Leader of Credit Union Services in the Midwest

Seamless Acquisition Accelerates NYMBUS' Mission to Revolutionize Core Infrastructures

MIAMI, FL--(Marketwired - Jun 1, 2016) - NYMBUS, the world's first complete, full-stack, API driven core processing platform, today announced the acquisition of R. C. Olmstead (RCO), developer of premier core data processing systems that provide flexibility and expansion capabilities to credit union customers. Along with the acquisition will come RCO's customer base of 46 credit unions headquartered throughout the Midwest.

"The marriage of our companies has been a seamless and positive transition," said Alex Lopatine, CEO of NYMBUS. "We are proud to carry the RCO torch further in the space and are thankful to Founder Bob Olmstead for believing NYMBUS is the future, not only for his company, but for his customer base and employees."

Negotiations for the acquisition began in the fall of 2015 and closed in March of this year. The team responsible for RCO's conversions and implementations, as well as other RCO team members, have joined NYMBUS as part of the acquisition. Their expertise will be used in important capacities like assisting in conversions, implementations and working alongside the existing developers to round out NYMBUS' talent pool.

"This acquisition allows me to retire, yet still positions RCO perfectly for the future," Olmstead said. "When considering the future of the company, along with our employees, NYMBUS made sense because the idea behind RCO would not only survive but be given the best chance to thrive in a continually changing and rapidly evolving marketplace. This move assures me 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' chief business development officer, Eric Isham, has had a working relationship with RCO for more than a decade. It was because of his deep relationship with the company and his vast experiences with its executives, customers and culture that he knew the acquisition would be a great fit.

"Given my deep roots with RCO, I identified them as a great acquisition target for NYMBUS right away," Isham said. "The work ethic and expertise of RCO's employees are top notch, and over the years, the company has built an impressive client base -- one we are confident we will continue to service with our revolutionary core. We are excited for the future and thankful to Bob for helping us move further down a path of innovation."

Launched this past October at Money20/20, NYMBUS continues to partner with leading organizations and gain traction in the industry. The company holds the only modern, secure, cloud-based, full-stack product that includes all of the mission-critical functions financial institutions need to build their businesses.

"The financial industry is in the middle of a big acquisition game, and what NYMBUS brings to the table is a level of energy and commitment that reminds me of RCO during our period of biggest growth," said Steve Kambeitz, president of RCO.

RCO was founded in 1978 and has served credit unions for nearly 40 years. For more information on how NYMBUS, together with its partners, is revolutionizing the financial industry, visit nymbus.com.

About NYMBUS
NYMBUS provides the most modern and advanced core processing platform built to date. The NYMBUS solution is a secure, cloud-based, full-stack product that includes all of the mission-critical functions financial institutions need to build their businesses. NYMBUS' revolutionary platform enables financial institutions to effectively respond to today's digital revolution. NYMBUS provides financial institutions a holistic, pre-integrated solution that includes an entire core platform with all digital channels and payments to service their members.

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