Holland-based Wolters Kluwer’s Governance, Risk & Compliance (GRC) division has signed an agreement to acquire Draper-based International Document Services Inc. (IDS). Wolters Kluwer will pay approximately $70 million in cash for IDS, currently owned by The Reynolds and Reynolds Co. IDS provides mortgage and closing documentation and services for the banking sector.
IDS will become a part of GRC’s Compliance Solutions business unit, a provider of compliance software for U.S. banks, lenders, credit unions, insurers and securities firms. The acquisition builds on GRC’s existing business in digital loan compliance, which includes services from document generation to e-closing, loan analytics and lien solutions.
IDS serves over 450 clients, including U.S. mortgage lenders, banks and law firms. The company’s services include initial disclosures, electronic signatures, closing documents and document fulfillment. The IDS flagship document preparation solution, idsDoc, is a cloud-based platform used across the industry with integrations with many of the leading loan origination systems and e-closing platforms.
IDS, founded in 1986, employs approximately 75 people. The company is expected to generate revenues of approximately $15 million in 2022. Completion of the transaction is subject to customary closing conditions and is expected in the second quarter of 2022.
“Wolters Kluwer has a long and distinguished history of excellence and innovation and we are truly excited to join this leading business,” said Mark Mackey, general manager of IDS. “This is the perfect combination that will bring the next level of capabilities to our clients and the lending market.”
“IDS is well-positioned to take advantage of continuing digital adoption trends and has a strong track record of innovation in the mortgage industry,” said Steven Meirink, executive vice president and general manager of compliance solutions at Wolters Kluwer GRC. “This strategic and exciting acquisition will further solidify Wolters Kluwer’s market leadership in expert solutions for loan compliance and, alongside our eOriginal product suite, positions us as the leading provider of digital lending solutions.”
Wolters Kluwer reported 2021 annual revenues of 4.8 billion euro. The group serves customers in over 180 countries, maintains operations in over 40 countries and employs approximately 19,800 people worldwide. The company is headquartered in Alphen aan den Rijn, the Netherlands.