Italian global credit services provider CRIF has added to its presence in the U.S. loan origination market with the acquisition of Cypress Software Systems in suburban Dallas.
Cypress Software Systems, with a client list of more than 100 credit unions and other financial institutions in 17 countries, will become part of Atlanta-based CRIF Lending Solutions, joining Aimbridge, APPRO, FLS, Magnum and Teres and their client list of more than 650 customers, the company said. Terms were not announced.
Cypress will become part of the ACTion business unit, joining APPRO and Teres, the company said. It provides automated loan application, underwriting and decisioning processes.
“We look forward to working with CRIF Lending Solutions to help banks, credit unions and other financial institutions succeed in this changing lending landscape,” said Stephen Sargent, co-founder and CEO/president of Cypress Software Systems in North Richland Hills, Texas.
"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,” said Larry Howell, CRIF Lending Solutions division chairman.