AUSTIN, Texas -- Six years after its founding, Teres Solutions Inc. is now a wholly owned subsidiary of CRIF, a worldwide provider of credit services, management software and worldwide business information systems.
Teres (www.teressolutions.com) provides its SAIL direct and indirect automated lending solutions to a client base of 175 financial institutions, including 170 credit unions, the company said. It also has reseller and distribution relationships with leading finance and insurance technology companies and CUSOs.
CRIF is based in Bologna, Italy, and provides information solutions, decision models, outsourcing systems, software and consultancy support to more than 1,200 banks, financial institutions, insurance companies, utilities and general business companies.
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.
Terms of the sale were not announced.
"Building on the synergies between the two companies, we'll work together to help our mutual customers increase loan volumes, yields and ultimately, profitability," said CRIF CEO Carlo Gherardi.
"Since our inception, our goal has always been to deliver premium lending technology and related services to our credit union and financial services customers," said Tim Kelly, CEO of Teres Solutions.
"By merging with CRIF, we'll have access to extensive development, and financial resources that will help make our technology offerings even better for our current and future customers," Kelly said.