CO-OP Financial Services has acquired the Des Moines, Iowa-based payments processor TMG.
CO-OP had been the minority owner of TMG and purchased all remaining shares of the company from the Iowa Credit Union League for $100 million. With the acquisition of TMG, CO-OP becomes a fully-integrated, comprehensive payments services company, realizing the vision of the original partnership formed by the two companies in January 2012.
“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, CO-OP Financial Services president/CEO “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.”
Shazia Manus, formerly CEO of TMG, will report to Clark and become CO-OP’s chief product and strategy officer.
The acquisition complements CO-OP’s $25 million investment in technology infrastructure and product innovation in 2017.