AUSTIN, Texas — Six years after its founding, Teres SolutionsInc. is now a wholly owned subsidiary of CRIF, a worldwide providerof credit services, management software and worldwide businessinformation systems.

Teres (www.teressolutions.com) provides its SAIL direct andindirect automated lending solutions to a client base of 175financial institutions, including 170 credit unions, the companysaid. It also has reseller and distribution relationships withleading finance and insurance technology companies and CUSOs.

CRIF is based in Bologna, Italy, and provides informationsolutions, decision models, outsourcing systems, software andconsultancy support to more than 1,200 banks, financialinstitutions, insurance companies, utilities and general businesscompanies.

The deal will allow CRIF (www.crif.com) to market the SAILplatforms to an overseas market while supporting CRIF's continuedexpansion into the U.S. financial services market, the companiessaid.

Terms of the sale were not announced.

“Building on the synergies between the two companies, we'll worktogether to help our mutual customers increase loan volumes, yieldsand ultimately, profitability,” said CRIF CEO Carlo Gherardi.

“Since our inception, our goal has always been to deliverpremium lending technology and related services to our credit unionand financial services customers,” said Tim Kelly, CEO of TeresSolutions.

“By merging with CRIF, we'll have access to extensivedevelopment, and financial resources that will help make ourtechnology offerings even better for our current and futurecustomers,” Kelly said.

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