BIRMINGHAM, Ala., and TALLAHASEE, Fla. (11/15/12)--LEVERAGE, the service corporation of the League of Southeastern Credit Unions, and Strategic Partners and CU Solutions Group have agreed to acquire Credit Union Vendor Management (CUVM).
CUVM is full-service contract management solution that works to reduce or eliminate the burdenassociated with managing vendor relationships and help credit unions comply with vendor duediligence and minimize vendor risk.
"This collaboration between our three league service corporations is a great example of the type of partnership needed to bring great products and services to credit unions," said LEVERAGEPresident/CEO Patrick La Pine, noting that "CUVM has a proven name in the marketplace."
The ownership group consists of LEVERAGE; Strategic Partners, Mountain West Credit Union Association's service corporation; and CU Solutions Group, a national credit union service Organization (CUSO) with a broad base of credit union system owners. The new CUVM ownership group has a long history of supporting credit unions with solutions that enhance their ability to serve their membership.
The deal will enhance contract management processes and provide efficiencies in purchasing. The CUVM platform will allow credit unions to focus resources on serving members, while ensuring that their vendor management program meets required National Credit Union Administration standards, said the new owners.
"With the growing volume of regulatory compliance requirements, automation and overall risk management are critical for credit unions," said Dave Adams, CEO of CU Solutions Group. "CUVM is a great solution for helping credit unions manage and automate vendor due diligence; it also provides the personal touch of supporting clients, including assisting with the collection of vendor information."
CUVM was developed as a CUSO by a group of credit unions, vendors and industry professionals to provide an outsourced solution for vendor management and due diligence. CUVM offers its vendor management solution to credit unions throughout the nation.