Reynolds and Reynolds, a provider of automotive dealership software, documents and compliance services, and digital marketing, announced the acquisition of International Document Services, a provider of mortgage documents and compliance services.
Under the terms of the agreement, IDS, which was founded in 1986, will retain its name and brand in the market and operate as a stand-alone division of Reynolds and Reynolds.
The company is based in Salt Lake City and has approximately 65 employees.
Financial terms of the acquisition were not disclosed.
Reynolds and Reynolds is a well-known operator in the automotive industry. Its services help dealerships with compliance for vehicle sale documents and meeting the needs of lenders, state and federal agencies, and the business processes of the dealerships themselves.
In addition, the company has developed the docuPAD, which helps dealerships meet regulatory and compliance requirements, while also streamlining finance and insurance document processing and improving the consumer experience of purchasing a vehicle.
According to Reynolds and Reynolds, docuPAD is a large, flat, interactive touch screen that dealerships use to complete a vehicle sale or lease.
“The technology both engages consumers more fully and also enables dealership personnel to work more productively,” Reynolds and Reynolds said in a release. “docuPAD can be used to present a breadth of content and documents, from personalized product menus and video presentations to e-signature capture for contracts, disclosure documents, and compliance verification. With docuPAD, which is protected by a number of U.S. patents, the entire F&I process is electronically managed and recorded.”
The acquisition of IDS will bring docuPAD to the mortgage industry.
During a two-year pilot period using docuPAD in the mortgage industry, Reynolds has rebuilt the software specifically for use by mortgage lenders.
“The mortgage industry – much like automotive – is facing the dual challenge of increased pressure from regulators and the changed expectations from consumers who are looking for a more rewarding and engaging experience when handling the documents necessary to purchase a vehicle or home,” said Robert Burnett, senior vice president of business development at Reynolds and Reynolds.
“IDS has developed a strong reputation and product line in serving the mortgage banking industry and their expertise is well recognized,” Burnett said. “We’re pleased to be joining forces with them, adding our expertise and technologies to help serve this market.”
Mark Mackey, vice president and general manager of IDS, said that the acquisition is an exciting development for the company.
“We look forward to continuing to serve our IDS customers with the expertise and service they’ve come to expect from us,” Mackey said. “And now we can do so with the strengths and advantages of a much larger company behind our brand – a company with deep expertise in documents and compliance, and in the technology that will help lenders respond to the increasing pressures from regulators and consumers.”
Burnett concluded by saying that the companies believe the relationship will be completely mutually beneficial.
“In a regulatory environment that is constantly evolving, financial institutions continue to look for ways to gain efficiencies in their processes and to ensure the appropriate levels of compliance,” Burnett said. “That’s what IDS can do. That’s what docuPAD can do. That’s what IDS and Reynolds can do even better together.”