One True Holding Company d/b/a/ TrueML, a financial technology software company developing machine learning-driven products that enable intelligent, digital communication including in the debt collection space, recently announced it has “acquired the debt collection business of Enhanced Recovery Company, LLC (ERC), a collections provider.”
The deal will “bring ERC under the TrueML family of companies to accelerate TrueML’s mission of creating a better experience for distressed consumers.”
Since its founding in 2013, TrueML’s software has been “used to communicate with more than 20 million consumers experiencing collections using a digital-first approach.”
Acquiring ERC enables TrueML “to increase its size, scale and access to industry verticals more rapidly, while accelerating its mission and reaching tens of millions more consumers by augmenting ERC’s services with digital capabilities.”
Ohad Samet, co-founder and CEO of TrueML, said:
“This acquisition provides exciting opportunities for TrueML to grow significantly while also paving the way for enhanced service offerings down the road. We envision a world in which no one is locked out of the financial system, and we are growing at a time when best practices for engaging consumers in debt collection are transforming. We are committed to building software that uses machine learning and consumer-centric design to align with consumer communication preferences while delivering results for our clients. The addition of ERC will enable us to expand the scope of our products and services.”
Samet was inspired to start the company “after a negative experience he had with an overdue bill, after which he and his brother Nadav set out to create better experiences and more productive outcomes for consumers looking for a path to financial health.”
As noted in the update, TrueML is a software company “developing machine learning-driven products that prioritize customer experience and revolutionize the experience of consumers seeking financial health.”
The mission-driven team of data scientists, financial services industry experts and customer experience fanatics are “building technology to serve people in a way that recognizes their unique needs and preferences as human beings and endeavoring toward ensuring nobody gets locked out of the financial system.”