EXTON, PA — Automated Financial Systems LLC said it has been acquired by private equity firm OceanSound Partners, a deal the companies said is intended to support product development and growth in commercial loan technology.
Financial terms of the transaction were not disclosed.
AFS provides commercial loan servicing and lifecycle management software to banks and other financial institutions. Its flagship platform, AFSVision, is used to manage commercial and industrial loans, commercial real estate, syndicated loans, Small Business Administration loans and other lending products.
The company said Edward Jenkins has been appointed chief executive officer following the acquisition. Jenkins previously served as chief operating officer and chief product officer at Veriforce.
Jenkins said AFS will increase investment in product development and engineering.
“Banks depend on AFSVision as their system of record for billions of dollars in commercial loans,” Jenkins said. “With OceanSound’s support, we’re going to accelerate our investment in product innovation and expand our engineering and customer success capabilities.”
Ted Coons, president and co-founder of OceanSound Partners, said the firm plans to invest in infrastructure and technology enhancements.
“The next chapter is about taking that foundation and accelerating the innovation our customers are demanding,” Coons said.
AFS was founded in 1970 and serves community, regional and national banks. The company said its platform is designed to replace legacy systems and support complex commercial lending portfolios.
Skadden, Arps, Slate, Meagher & Flom LLP served as legal advisor to OceanSound. Troutman served as legal advisor to AFS, and Houlihan Lokey was its exclusive financial advisor.
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