Austin, Texas and Bologna, Italy, 01/07/2008

CRIF Acquires Teres Solutions as Part of Continued Global Expansion

CRIF, a worldwide leader in  credit services, and Teres Solutions, Inc., one of the top three providers of direct and indirect lending software to credit unions and financial institutions, today announced that CRIF has acquired Teres Solutions. As part of the agreement, Teres Solutions will operate as a wholly-owned subsidiary of CRIF. Further terms of the agreement were not disclosed.
CRIF develops decision-support models, consultancy and management solutions, software and worldwide business information systems to support the needs of finance, insurance, utility and service companies in every phase of customer relations. The company’s acquisition of Teres Solution will provide CRIF with the ability to offer the SAIL Direct and SAIL Indirect lending platforms to organizations in Europe and beyond. In addition, the deal will support the continued expansion of CRIF into the U.S. credit union and financial services markets.
 “As one of the leading decision solutions provider in the world, we’re honored to have Teres Solutions, its customers and employees as part of the CRIF family,” said CRIF CEO, Carlo Gherardi. “Building on the synergies between the two companies we’ll work together to help our mutual customers increase loan volumes, yields and ultimately, profitability.” 
Teres Solutions provides indirect and direct lending software solutions to over 175 leading credit unions and financial institutions in North America. It also has established distribution and reseller partnerships with top finance and insurance technology companies as well as CUSOs.
 “Since our inception, our goal has always been to deliver premium lending technology and related services to our credit union and financial services customers,” said Tim Kelly, CEO of Teres Solutions. “By merging with CRIF, we’ll have access to extensive development, and financial resources that will help make our technology offerings even better for our current and future customers.”
For additional information on Teres Solutions, visit