McCracken Financial Software Inc., the Billerica, Mass.-based subsidiary of GMAC Commercial Holding Corp., said a newly formed subsidiary has purchased substantially all the assets of Univest Financial Services LLC for an undisclosed amount. McCracken's subsidiary will use the Univest name, and the executive staffs at both companies will remain the same. McCracken president Frank McCracken said Univest's O2S browser-based underwriting system "complements our existing suite and is in line with our strategy of offering browser-based, ASP solutions." The companies' website addresses are http://www.mccrackenfs.com, http://www.ufsnet.com, and http://www.gmaccm.com.
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