SCOTTSDALE, AZ—Cornerstone Advisors announced today that the company has acquired Orlando, Florida-based Next Step, Inc., a professional services team providing technology consulting services to banks and credit unions. Cornerstone Advisors, a leading authority on driving revenue and profitability improvements for mid-size financial institutions and fintech firms, is a portfolio company of Altamont Capital Partners.
Executives from the two companies jointly affirmed that the acquisition will accelerate the strategic expansion of the combined firms and enhance professional growth opportunities for all employees.
“Both of our firms are motivated by a nationwide reputation for outstanding client service,” said Cornerstone Chief Executive Officer Scott Sommer, “and, like us, Next Step sees an opportunity to continue delivering the highest level of service by investing in people across the organization. Next Step’s complementary experience in core banking systems, implementations and contract negotiations adds additional depth to our ability to help banks and credit unions deliver competitive services to their customers.”
“This partnership is a positive and exciting development for Next Step that will help us, as part of the Cornerstone team, provide maximum results and advantages for all of Next Step’s clients, employees, and contractors,” said Next Step Founder Peter Jeye. “Our long tradition of an entrepreneurial culture and our highly engaged team’s passion to improve the strategies, technologies, and operations of our clients will be strengthened by this arrangement and enable us to take an expanded portfolio of services to our clients.”
Casey Lynch, Managing Director of Altamont, said: “We are happy to have Next Step’s highly respected team join Cornerstone and fortify their position as the premier consulting firm serving banks and credit unions. This partnership will allow Cornerstone to expand its already best-in-class capabilities.”
Wande Olabisi, Vice President of Altamont, added: “The combination of the two firms will result in a stronger, more influential business in a demanding industry. Next Step’s experience and culture will complement Cornerstone’s market leadership and position the company for future growth.”
About Cornerstone Advisors
Cornerstone Advisors, a management and technology consulting firm, provides innovative insights and laser-focused strategic execution to help banks, credit unions, and financial technology firms reach the next level of performance. Cornerstone is a portfolio company of Altamont Capital Partners.
About Next Step
Next Step provides complete core, digital banking, and key ancillary system selection, contract negotiations, conversion management, and process improvement services for growing financial institutions. The company helps customer-focused banks and credit unions not only select the right system but also achieve the best vendor agreement, an outstanding conversion, immediate positive customer impact, and the greatest efficiency from the new technology.
About Altamont Capital Partners
Altamont Capital Partners is a private investment firm based in the San Francisco Bay Area with more than $3.5 billion of assets under management. Altamont is focused on investing in middle market businesses where it can partner with leading management teams to help its portfolio companies reach their full potential. The firm’s principals have significant experience building business success stories across a range of industries, including business services, financial services, healthcare, consumer/retail, and industrials.