Italys CRIF Moves Deeper Into CU Market With Deal For Cypress Software
ATLANTA – CRIF, the Italian financial services provider, continued its buying spree of credit union lending software companies with the acquisition of Cypress Software Systems, the company announced this morning.
CRIF will add the North Richland Hills, Texas provider of loan origination systems to it growing stable of lending software, which includes the APPRO, Aimbridge, Teres, FLS and Magnum systems it acquired over the past two years. The systems are used by 650 U.S. credit unions and banks.
Cypress Software provides a variety of software and services that help credit unions and banks automate their loan application, underwriting and decisioning processes. The company serves more than 100 clients in the U.S. and 16 other countries.
“CRIF has assembled one of the most powerful suites of financial services technology available in the marketplace,” said Stephen Sargent, co-founder and president of Cypress Software. “We look forward to working with CRIF Lending Solutions to help banks, credit unions and other financial institutions succeed in this changing lending landscape.”
Cypress Software will become a part of the ACTion business unit of CRIF Lending Solutions along with APPRO and Teres. Cypress technology offerings will be marketed and distributed under the CRIF Lending Solutions ACTion brand of loan and account origination system products and services.
Financial terms of the deal were not disclosed.