CRIF Corporation Has Acquired Cypress Software Systems


Advisory Role: Krall & Co. Inc. acted as exclusive financial advisor to Cypress Software Systems.

Announcement Date: April 29, 2011.

Buyer: CRIF S.p.A. is a leading provider of banking credit information in Europe, including business and commercial information and credit and marketing management services. CRIF Corporation is the U.S. arm of CRIF and is comprised of a team of five leading automated lending technology and services companies: Aimbridge, APPRO, FLS, Magnum and Teres. CRIF Corporation is headquartered in Atlanta, Georgia and supports 650 U.S. banks, credit unions and financial institutions.

Target: Cypress Software Systems L.P. provides an array of software and services that help financial institutions automate their loan application, underwriting and decisioning processes. These tools help institutions enhance risk management efforts, ensure regulatory compliance and decrease costs through higher lending efficiency and quality. Currently, Cypress serves more than 100 clients in the U.S. and 16 other countries. Cypress was founded in February 2000 and is headquartered in North Richmond Hills, Texas, near downtown Fort Worth.

Deal Rationale: The acquisition furthers CRIF’s expansion in the U.S. In January 2008, CRIF acquired Magnum Communications, which provides credit data access, analysis and decision applications. In July 2008, CRIF acquired Teres Solutions, a provider of direct and indirect lending software to credit unions. In June 2009, CRIF acquired Aimbridge Indirect Lending, LLC, which markets auto loans and insurance products through partnerships with financial institutions and auto dealerships. In September 2009, CRIF acquired FLS Services LLP, which manages and automates indirect lending programs for credit union customers using third party software, including Teres’ software. In April 2010, CRIF acquired Equifax Enabling Technologies LLC, which consists primarily of the APPRO suite of loan origination software for financial institutions.

Terms: Financial terms were not disclosed.