CO-OP Financial Services announced that it has acquired TMG and restructured some of its leadership team positions, according to a press release.
“The acquisition of TMG and the evolution of our leadership team are designed to maximize benefits for the clients of both companies,” said Todd Clark, president and chief executive officer. “We are creating a new CO-OP that embraces technology and best-in-class service delivery to create a seamless, secure and personalized experience for our clients and their members, however they choose to interact with their credit union using a CO-OP product.”
The company had been the minority owner of TMG and purchased all remaining shares of the company from the Iowa Credit Union League for $100 million. The acquisition enables CO-OP to become a fully integrated, comprehensive payments services company and complements its $25 million investment in technology infrastructure and product innovation in 2017.
CO-OP’s new organizational structure includes adding several key executive management positions and making new appointments to build out its service delivery to credit unions. Shazia Manus, formerly CEO of TMG, will become chief product and strategy officer to drive a cohesive and forward-thinking product set to clients.
And three new executives have joined the company in newly created senior leadership roles, including Nicholas Calcanes, previously with Fiserv, as chief information officer for the Executive Management Team (EMT); Mathew Kardell, previously with First Data Corporation, as chief revenue officer for EMT; and Paul Love, previously with the Federal Home Loan Mortgage Corporation (“Freddie Mac”), as chief information security officer.
“The depth and breadth of capability we are adding with the acquisition, product and technology investments, and these new positions are transformational for CO-OP,” said Clark. “These appointments signify stronger leadership and resources in the areas that deeply impact our clients – technology capability, new business opportunity and security for the fight against fraud. Nick, Matt and Paul are all experts in their respective fields, and they will up our game significantly.”