TEMPE, Arizona and NEW YORK–(BUSINESS WIRE)–PCMa software company serving retail banking transformation, today announced that it has received a strategic investment from OceanSound Partners (“OceanSound”), a private equity firm that invests in technology and technology-enabled services companies serving government and enterprise end markets. CFM will continue to operate under the existing management team, led by CEO John W. Smith.
CFM is a leading software provider that integrates core banking systems with branch technology and creates modern retail banking experiences for financial institutions. Serving more than 650 bank and credit union customers, CFM’s software and data analytics tools allow tellers to deposit or dispense money from anywhere in the branch, helping financial institutions grow their operational efficiency by reducing branch operating costs and improving productivity. CFM offers complete flexibility to its customers, helping them to optimize their existing hardware and enabling purchase choice through existing integrations with over 50 coin acceptors, self-service kiosks and tablet banking interfaces.
“Since 2006, CFM’s mission has been to help banks and credit unions transform their business strategy through technology,” said John W. Smith. “Our software products are driving the adoption of tablet-based service models, universal associates, self-service kiosks and micro-branch, so that financial institutions can deliver an enhanced in-branch experience to their customers and realize significant savings. With several tailwinds in the market behind us, we sought out a partner who could help us capitalize on long-term secular trends, drive continued innovation in our product portfolio, and grow our talented team.
Smith continued, “OceanSound is an experienced software investor with a proven track record of accelerating growth. With their investment and support, CFM will continue to develop innovative software and data analytics products, pursue additional partnerships with core vendors, as well as make acquisitions that enhance our market position. and our capabilities to better meet the changing needs of financial institutions. Building on the vision of our founding team, John Dillon, Debra Dillon, Jim Ransco, JC Chen and Nathan Moore, this partnership will help CFM achieve its growth goals.
“Changing consumer preferences are driving significant technology adoption in retail banking,” said Ted Coons, partner and co-founder of OceanSound. “Financial institutions increasingly view their retail branches as a critical channel for customer engagement and are investing in new technologies to create personalized experiences. CFM’s products are specifically designed to serve banks and credit unions by automating labor-intensive, error-prone tasks so they can requalify tellers as universal associates and pass their consumer engagement model from transactional to consulting. The return on investment for CFM customers is significant and immediate.
“At OceanSound, we target technology companies with mission-critical solutions serving resilient end markets where our capital and resources can serve as catalysts to accelerate growth,” said Parin Shah, Vice President of OceanSound. “CFM represents an attractive opportunity to invest in a market leader offering a compelling value proposition for the retail banking industry through differentiated software products. We are delighted to partner with CFM’s leadership team and plan to make significant investments to drive further differentiation and growth.
GLC served as financial advisor and Frazer Ryan Goldberg & Arnold LLP served as legal advisor to CFM. Skadden, Arps, Slate, Meagher & Flom LLP and Womble Bond Dickinson acted as legal counsel to OceanSound.
CFM is driving the transformation of retail banking with software that integrates core banking systems with branch technology, including coin acceptors, self-service kiosks and tablet banking interfaces. CFM’s software solutions and data analytics tools simultaneously help financial institutions create modern retail banking experiences and increase operational efficiency by reducing branch operating costs and improving productivity. CFM has sold over 45,000 licenses to over 650 bank and credit union customers and has been recognized by Perspectives of the banking CIO as the top provider of banking analytics solutions and as one of Arizona’s most innovative companies by AZ Business Magazine. CFM was founded in 2006 and is based in Tempe, Arizona. For more information, please visit: https://www.whycfm.com/
About OceanSound Partners
OceanSound Partners is a New York-based private equity firm that pursues control investments in technology and technology services companies serving government and enterprise end markets. OceanSound uses a partnership approach, working closely with founders, entrepreneurs and middle market business leaders to drive transformational growth. For more information, please visit: www.oceansoundpartners.com.