CRIF Acquires Cypress Software Systems
Move Supports Continued Expansion of CRIF in the Financial Services Technology Marketplace
ATLANTA – May 2, 2011 – CRIF, a global leader in credit services, today announced that it has acquired Cypress Software Systems of North Richland Hills, Texas. The purchase of Cypress Software Systems, one of the top providers of loan origination software for community and regional banks, credit unions and financial institutions, will further expand CRIF Lending Solutions technology offerings in the U.S. and abroad.
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CRIF Lending Solutions is the U.S. arm of CRIF and is comprised of a team of five leading automated lending technology and services companies: Aimbridge, APPRO, FLS, Magnum and Teres. CRIF Lending Solutions is headquartered in Atlanta, Georgia and supports over 500 of the most successful U.S. banks, credit unions and financial institutions.
Cypress Software Systems L.P. provides an array of software and services that help financial institutions automate their loan application, underwriting and decisioning processes. These tools help institutions enhance risk management efforts, ensure regulatory compliance and decrease costs through higher lending efficiency and quality. Currently, Cypress serves more than 106 clients in the U.S and 16 other countries.
“We are honored to have Cypress Software Systems as the newest member of the CRIF Lending Solutions family,” said CRIF Lending Solutions Division Chairman, Larry Howell. “Cypress will bring our clients a unique and powerful set of technology products and services to help them more efficiently and effectively serve their clients’ lending needs.”
“CRIF has assembled one of the most powerful suites of financial services technology available in the marketplace,” said Stephen G. Sargent, Co-founder, President and CEO of Cypress Software Systems L.P. “We look forward to working with CRIF Lending Solutions to help banks, credit unions and other financial institutions succeed in this changing lending landscape.”
Cypress Software Systems will become a part of the ACTion business unit of CRIF Lending Solutions along with APPRO and Teres. Cypress technology offerings will be marketed and distributed under the CRIF Lending Solutions ACTion brand of loan and account origination system products and services. For more information, visit www.criflendingsolutions.com.
About Cypress Software Systems
Headquartered in North Richland Hills, Texas, USA, Cypress Software Systems LP is a leading developer of automated credit application decision support technology. Cypress provides community and regional banks, finance companies and credit unions with loan application decision and tracking tools equivalent to those used by the largest national lending institutions. Clients, nationwide and in 16 countries, use the company’s flagship products, Mark IV and BizMark, to quickly and consistently process consumer and small commercial loan applications. Cypress Mark IV offers a flexible, risk-based processing approach that includes tracking consumer loan applications from point of entry to point of decision. Cypress’ BizMark loan automation software processes commercial loan requests within a customer relationship management environment. Both products may be licensed in the bundled Cypress Suite and are offered in either an application service provider (ASP) or traditional business model. The company’s product line also includes AppMark, an ASP-only consumer lending solution for community banks with assets of $250 million or less.
About CRIF Lending Solutions
CRIF Lending Solutions, comprising Aimbridge, APPRO, FLS, Magnum and Teres, supports over 500 of the most successful large and small U.S. banks, credit unions, credit card processing and financial institutions. Our complete suite of solutions increases productivity and profitability and are core system and data provider independent. These comprehensive offerings include loan origination systems for consumer, business, and point of sale lending as well as business process outsourcing for indirect lending, data aggregation, analytics and account opening. With over $100 million dollars in equity, CRIF Lending Solutions is part of CRIF, a global company specializing in the development and management of decision support systems worldwide.
About CRIF
CRIF is a global company specializing in the development and management of credit reporting, business information and decision support systems. Established in 1988 in Bologna (Italy), CRIF has an international presence, operating over four continents (Europe, America, Africa and Asia). The company supports banks and financial institutions, insurance companies, utilities and general businesses in every phase of client relations.
CRIF is currently the leading group in continental Europe in the field of banking credit information and one of the main operators on an international level concerning integrated services for business & commercial information and for credit & marketing management. More than 1,700 banks and financial institutions all over the world use CRIF services on a daily basis.
For additional information, please contact communication@crif.com or visit www.crif.com.
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Media Contacts:
Kevin Fleetwood
CRIF Lending Solutions
k.fleetwood@criflending.com
770.835.2257
Liz McBrayer
CRIF Lending Solutions
l.mcbrayer@criflending.com
770.835.2214
