Dallas, Texas and Bologna, Italy , 09/06/2009
CRIF acquires FLS Services as part of continued global expansion
Established in 1988 in Bologna (Italy), CRIF is a global company specializing in the management of credit reporting, business information and decision support systems, to support the needs of financial institutions, service providers, businesses and consumers. The company’s acquisition of FLS will provide CRIF with the ability to offer FLS services to organizations in Europe and worldwide. In addition, the deal will support the continued expansion of CRIF into the U.S. financial services market. Last year CRIF acquired Teres Solutions™, one of the top providers of direct, indirect and merchant lending software to credit unions and financial institutions based in Austin, Texas. FLS currently uses the
Teres Solutions SAIL® loan origination system to underwrite and process loans. CRIF, FLS, and Teres Solutions will work closely together to offer world class services, to expand their offerings and develop new products.
“The combination of FLS and CRIF brings together two dynamic companies,” said CRIF CEO, Carlo Gherardi. “We both share a commitment to innovation and customer service, and we intend to share our strengths across both businesses. Building on the synergies between the two companies, we will collaborate to help our mutual customers increase loan volumes, yields and ultimately, profitability. This acquisition will guarantee concrete advantages to our customers and our U.S. and global growth plans.”
“FLS will become part of the growing CRIF Group of USA Companies, which include Teres Solutions, and Magnum Communications”, said Larry Howell, member of the CRIF International Advisory Board and Chairman of the Board for Teres Solutions. “The future integration of products and services between our companies will add value to our end users. The global experience of CRIF will help FLS provide customer solutions that expand lending, while controlling credit risk.”
FLS Services is a leading provider of indirect lending products, generating in excess of $1 billion in loans annually. With more than 14 years of experience, FLS provides financial institutions with indirect lending products and expertise.
“Years ago we decided that if we ever sold our company it would be to a buyer that would be best for our employees and our client base,” said Richard Hetzel, president of FLS. “When we were approached by CRIF we knew it was the right fit because the company’s most recent acquisition of our partner Teres Solutions has been a great success for both organizations. This and the opportunity for significant growth spurred the decision to move forward with the deal. We are excited for the future of what this partnership will mean for our staff and clients.”