Misys Acquires Loan Software Vendor Custom Credit Systems
Misys, the British financial industry software provider, has acquired Custom Credit Systems in Richardson, Texas, which specializes in commercial lending technology, for an undisclosed price.
The acquisition enables Misys to support the commercial lending workflow from origination, credit analysis, and document generation in the front office to servicing and accounting in the back office.
"CCS completes our lending solution, giving our customers the opportunity to significantly enhance their front-office lending capabilities," Nadeem Syed, chief executive officer of Misys, said in a press release Monday. The merger will help expand the company's reach globally, he said.
CCS's flagship commercial lending product, CustomLender, was launched in 2005. It is a customizable loan origination system used by 24 banks. Clients include Wells Fargo, Bank of America, U.S. Bank, Comerica, Fifth Third Bank, Washington Federal and Huntington Bank, according to the release. CustomLender is available as a self-hosted or software-as-a-service application. Misys' FusionBanking Loan IQ, on the other hand, is a flexible multiple asset class loan servicing software used by more than 2,000 Misys customers.
As a result of the acquisition, CustomLender can be licensed as a standalone product or fully integrated with FusionBanking Loan IQ, to provide a front-to-back office lending support. The combination offers financial institutions cross-loan asset coverage, real-time reporting, and collateral management for commercial, agricultural, real estate, asset-based and small business lending, Misys said.
CCS's management team and staff will also integrate with Misys' staff. Brian Shaw, CCS' president and CEO, will continue to lead the business.
"Misys is a company with proven success in integrating specialist financial technology businesses and we look forward to extending our reach globally," Shaw said. "The timing is perfect, since the next two years could see up to 90% of banks integrating their credit and loan origination systems with servicing."
Financial Technology Partners LP and FTP Securities LLC advised CCS on the merger.