AUSTIN, Texas -- Teres Solutions Inc. has been sold to an Italian provider of credit services, management software and worldwide business information systems.
The Austin-based lending technology company will operate as a wholly owned subsidiary of Bologna-based CRIF. Terms of the deal were not disclosed.
Teres (www.teressolutions.com) was founded in 2002 and provides its SAIL direct and indirect lending solutions to a client base of 175 financial institutions, including 170 credit unions, the company said.
The deal will allow CRIF (www.crif.com) to market the SAIL platforms to an overseas market while supporting CRIF's continued expansion into the U.S. financial services market, the companies said.