International governance, risk and compliance giant Wolters Kluwer has inked a deal to acquire International Document Services (IDS) for $70 million in cash.
IDS, currently owned by the Reynolds and Reynolds Company, is among the top providers of compliance and document generation software solutions for the mortgage and real estate industry.
In a statement on Wednesday, Wolters Kluwer said IDS will become an integral part of its governance, compliance, risk (GRC) division, which provides solutions for U.S. banks, lenders, credit unions, insurers and securities firms. The acquisition builds on GRC’s existing mix of products in digital loan compliance, including eClosing, loan analytics and lien solutions.
“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 Wolters Kluwer’s compliance solutions team.
In its announcement, Wolters Kluwer GRC, which is based in the Netherlands, said IDS will bring $15 million in revenue to the mothership.
IDS, founded in 1986 and based in Draper, Utah, employs roughly 75 people and has over 450 clients, including U.S. mortgage lenders, banks and law firms. The company offers initial disclosures, electronic signatures, closing documents and document fulfillment. Its best-known product is called idsDoc, a cloud-based platform that serves as a document preparation solution for mortgage lenders. It has integrations with some of the top mortgage loan origination systems and eClosing platforms.
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HousingWire recently sat down with Wolters Kluwer’s Governance’s Steve Meirink to discuss the impact of digital technology on mortgage and the future of digital lending in an era of accelerated innovation and digital transformation.
Presented by: Wolters Kluwer
The deal is expected to close in the second quarter of 2022.
In late 2020, Wolters Kluwer GRC acquired cloud-based digital lending software firm eOriginal for about $280 million.
In 2021, Wolters Kluwer reported annual revenues of €4.8 billion.
