JPMorgan's institutional trust division is to acquire Missouri-based Systems & Services Technologies (SST). Financial terms were not disclosed.
SST provides a range of asset services, which include active and back-up servicing, for various lending institutions, finance companies, and banks.
Under the terms of the transaction, SST will operate as a subsidiary within the bank's institutional trust services division.
Michael Clark, executive vice president and business executive for JPMorgan institutional trust services, says: "Adding SST's capabilities to JPMorgan's current asset servicing resources, including its mortgage, automotive finance, and credit card operations, will provide an unparalleled combination of servicing and back-up servicing solutions to our clients."
SST has a staff of more than 800 people and currently maintains an active asset servicing volume of nearly $3 billion in receivables.