OceanSound-backed CFM merges with software firm NXTsoft

• Skadden, Arps, Slate, Meagher & Flom LLP served as legal adviser to CFM
• Stephens Inc served as financial advisor to NXTsoft while Weil, Gotshal & Manges LLP and Burr & Forman LLP served as legal advisor
• OceanSound Partners invests in technology and technology-enabled services companies

CFM, a portfolio company of OceanSound Partners, has merged with NXTsoft. The newly combined entity forms a provider of API connectivity, workflow automation and data analytics software for financial institutions. No financial terms were disclosed.

Simultaneously, NXTsoft completed its previously announced separation from ThreatAdvice, a cybersecurity solutions business.

On the merging, Ted Coons, a partner at OceanSound, said in a statement, “Financial institutions struggle to keep pace with their digital transformation goals because of the difficulty that stems from transferring data between their core and new fintech products. CFM and NXTsoft have developed intuitive API solutions that address these challenges by compiling pre-built integrations into one central hub. Their products enable banks and credit unions to build connected experiences for their customers and employees, accelerate time-to-market of new technology, and lower operating costs.”

Skadden, Arps, Slate, Meagher & Flom LLP served as legal adviser to CFM. Stephens Inc. served as financial advisor to NXTsoft while Weil, Gotshal & Manges LLP and Burr & Forman LLP served as legal advisor.

CFM was founded in 2006 and is based in Tempe, Arizona.

NXTsoft was founded in 2017 and is based in Orlando, Florida and Birmingham, Alabama.

Based in New York, OceanSound Partners invests in technology and technology-enabled services companies.