CFM and NXTsoft Announce Strategic Combination, Creating Leading Provider of Data Analytics Software for Financial Institutions
In a multi-million dollar acquisition deal, Burr & Forman, LLP represented NXTsoft in its strategic combination with CFM, creating the leading provider of API connectivity, workflow automation, and data analytics software for financial institutions.
According to BusinessWire, CFM and NXTsoft deliver API solutions to over 1,800 banks and credit unions in North America. CFM integrates teller applications with branch hardware, creating modern banking experiences. NXTsoft helps customers secure, connect, and optimize their data through integration flows connecting software applications to core processors.
In a quote from BusinessWire, David Brasfield, former CEO of NXTsoft said, “This transaction represents the next chapter in our journey. Since we launched NXTsoft in 2017, our team has developed cutting-edge technology for over 1,100 customers and achieved rapid growth… Our two firms have an aligned strategic vision and I am confident that this merger will lead to long-term, sustained success.”
The Burr & Forman team that represented NXTsoft included Gene Price, JP Sauer, and Christian Borak. Skadden, Arps, Slate, Meagher & Flom LLP served as legal adviser to CFM. Stephens Inc. served as financial adviser and Burr & Forman LLP and Weil, Gotshal & Manges LLP served as legal advisers to NXTsoft.