Information services company Wolters Kluwer is to acquire mortgage compliance and document generation software company International Document Services (IDS).
Wolters Kluwer Governance, Risk & Compliance (GRC) has signed an agreement with The Reynolds and Reynolds Company to acquire IDS for approximately $70 million in cash.
“IDS is well positioned to take advantage of the ongoing trends in digital adoption and has a strong track record of innovation in the mortgage industry,” said Steven Meirink, Executive Vice President and General Manager, Compliance Solutions, Wolters Kluwer RCMP.
IDS has more than 450 US customers, including mortgage lenders, banks and law firms, and its services include initial disclosures, electronic signatures, closing documents and document enforcement.
The company will be part of Wolters Kluwer GRC’s compliance solutions business, which provides compliance software to US financial institutions.
Wolters Kluwer says the acquisition will build on its digital loan compliance offering, providing an end-to-end solution from document generation to electronic closing and loan analytics.
Netherlands-based Wolters Kluwer achieved annual revenue of €4.8 billion in 2021. IDS is expected to generate revenue of approximately $15 million in 2022.
The acquisition is expected to be completed in the second quarter of 2022.