Wolters Kluwer Financial Services Acquires the AppOne Companies
Wolters Kluwer Financial Services, part of the Wolters Kluwer Corporate & Financial Services division, acquired the AppOne Companies (AppOne), a provider of technology and risk mitigation services to independent automobile dealers and lenders throughout the continental United States.
MINNEAPOLIS — Wolters Kluwer Financial Services, part of the Wolters Kluwer Corporate & Financial Services division, acquired the AppOne Companies (AppOne), a provider of technology and risk mitigation services to independent automobile dealers and lenders throughout the continental United States.
AppOne’s main offerings include solutions that address automating indirect lending, credit approval and compliance processes for independent auto dealers and lenders. Wolters Kluwer Financial Services provides standard and customized pre-printed forms, electronic documents and e-contracting solutions to a majority of the top-tier U.S. auto finance lenders. With the acquisition of AppOne, Wolters Kluwer Financial Services expects to integrate its compliance content with AppOne’s process automation suite. This will provide the indirect lending market with an end-to-end solution that helps indirect lenders address the inefficiencies of a manual loan documentation and verification process.
There are a number of factors fueling the automation of indirect lending in the automotive sales industry, including an increased level of competition among lenders and the errors that can result from manual processes. Greater risk and operational controls have also come in focus as dealers and lenders work to meet regulatory requirements tied to the USA PATRIOT Act, Equal Opportunity Act and FACT Act.
The AppOne executive team, including Domingue; Chris Herndon, chief financial officer; Gary Perdue, chief operating officer; and Param Ramakrishnan, chief information officer, joined Wolters Kluwer Financial Services. Domingue continues to serve as CEO of AppOne.
Headquartered in Baton Rouge, Louisiana, AppOne’s main products include:
DealerOne, an automated online dealer setup platform that securely captures dealership application information for processing and underwriting;
RECON Score, a proprietary dealer underwriting and scoring model that predicts the level of risk associated with a dealer relationship;
DMSOne, a Web-based online dealership management system and portal specifically designed for the independent auto dealer;
BureauOne, a secure gateway for credit report access from all three national credit reporting agencies;
VehicleOne, an online interface for vehicle valuations, vehicle history reports and other related information;
RiskOne, a customizable rules-based auto-decision and evaluation engine;
MenuOne, a real-time after-market products pricing and enrollment system;
ContractOne, a rules-based electronic forms printing and validation platform;
FundOne, an online funding and reserve report system; and
PortalOne, a private label loan origination portal system geared towards local and regional lenders and community banks.
The terms of the agreement were not released.
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