BofA Buys Framework

Framework Inc., a Tarrytown, N.Y.-based technology firm and developer of the LendWare credit fulfillment platform, has been acquired by Bank of America, its biggest client.Framework has been working for much of the past two years on an implementation of LendWare for BofA that went live in the fourth quarter of 2002. BofA sources have expressed the bank’s satisfaction with the implementation, which is beginning in its retail channel. The platform is product-agnostic and can be used for the origination and fulfillment of any kind of credit-based product. Framework will operate as an independent subsidiary and says that it does not expect its product to become a proprietary tool of BofA, but that it does expect to secure additional working capital through the acquisition that will allow it to market to other large lenders more effectively. Framework will maintain its current mission and management team. Framework can be found online at http://www.lendware.com, and BofA can be found at http://www.bankofamerica.com.