CRIF, the Italian financial services provider, this week continued its buying spree of credit union lending software companies with the acquisition of Cypress Software Systems.
No purchase price was disclosed.
CRIF will add the North Richland Hills, Texas provider of loan origination systems to its 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.”
CRIF’s U.S. headquarters is based in Atlanta.
