Information services firm Wolters Kluwer is to acquire mortgage compliance and document generation software firm 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 continuing digital adoption trends and has a strong track record of innovation in the mortgage industry,” says Steven Meirink, executive vice president and general manager, compliance solutions, Wolters Kluwer GRC.
IDS has more than 450 US clients, including mortgage lenders, banks and law firms, and its services include initial disclosures, electronic signatures, closing documents and document fulfillment.
The company will become part of Wolters Kluwer GRC’s compliance solutions business, which provides compliance software for 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 eClosing and loan analytics.
Headquartered in the Netherlands, Wolters Kluwer reported 2021 annual revenues of €4.8 billion. IDS is expected to generate revenues worth approximately $15 million in 2022.
The acquisition is expected to close in Q2 2022.