Overdrive currently is the largest company that facilitates the entire lending process and many libraries are suffering from poor visibility to their visitors.
These include the implementation of both online and mobile banking systems, streamlining the lending process and creating a successful channel strategy.
The acquisition will give client banks a single front-to-back system for the entire lending process and a holistic view of key commercial lending relationships.
The move reduces duplicative functions but could potentially weaken checks and balances in the lending process, a person familiar with the matter said.