NORTH RICHLAND HILLS, Texas -- Cypress Software Systems said the credit crunch hasn't hurt its business.
The provider of automated lending software said it had record sales in 2007, growing revenue by 40% and earnings by 117% over the year before, while bringing on 26 new customers.
"Despite an apparent economic slowdown--driven largely by the mortgage crisis in the financial services sector--Cypress has witnessed no ill effect, because our clients, who are largely in the banking and credit union industries, use our software during tough times to ensure quality loan decisions are made, thereby controlling the potential for loan losses," said Stephen Sargent, president/CEO. "We're looking forward to an even better 2008."
The company's products include the Mark IV software platform for automating consumer loan applications and decisions, BizMark for small business loans and commercial credit requests and its AppMark hosted solution for institutions with assets of $250 million or less.