An agreement could be reached in the coming month
Angel Oak has announced its intention to purchase Canadian start-up Covience, a deal that will grow Angel Oak’s global footprint.
The acquisition, expected to happen next month, is part of the mortgage lender’s strategy to enhance its digital capabilities in the US while expanding its global presence. Toronto-based Covience offers advisory services and banking-as-a-service capabilities to the Canadian and US markets.
Angel Oak said that Covience will enable it to execute its “digital-first initiatives” and make greater use of cloud-based resources across its diverse offering of lending and investment products.
“The acquisition of Covience perfectly aligns with our commitment to continuously advance our technologies and increase our practices to deliver new, innovative products in a demanding market,” said Michael Fierman, co-CEO and managing partner at Angel Oak.
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“The Covience team is looking forward to joining Angel Oak, and we feel that our complementing strengths will lead to incredible growth,” said David Raju, founder and CEO of Covience. “Our focus in digital banking and payments allows us to seamlessly integrate into Angel Oak and help make an immediate impact for a firm that is already well-positioned for the future.”
