JMark invests in Springfield financial software firm

JMark Business Solutions Inc. is set to close Aug. 1 on an investment in a Springfield financial software firm that enacts a strategic partnership between the two companies.

JMark President Thomas Douglas said under the partnership, TruData LLC’s two employees moved into the company’s 601 N. National Ave. headquarters a couple weeks ago. Declining to disclose the investment amount, Douglas said JMark does not hold majority ownership of the company, and both firms will keep their separate names and ownership groups. Douglas becomes a partner in TruData with Greg McCord, its chief sales officer.

Douglas said the arrangement gives JMark access to TruData’s QlikFI software, which is primarily used as an analytics platform for banks and credit unions. TruData gains access to JMark’s larger network, and both companies will share resources, he said.

“We started having a conversation about both organizations and our strengths,” Douglas said. “JMark does some amazing things with just a technology infrastructure. However, we have never had a product that would actually go into the data and present business owners and decision makers with information that helps them to make better decisions on a real-time basis.

“It provides a whole lot more value to our clients than what we can provide on our own.”

Long-term, Douglas said JMark’s intention is to create an incubator-like environment for other tech firms. His company would invest in mutually beneficial partnerships and those firms would move in to the North National Avenue headquarters. He said no other companies are currently being vetted for the idea.

“This partnership happened to present itself,” Douglas said of TruData. “It’s possible we would expand our investment in the future.”[[In-content Ad]]