Misys is looking to extend its footprint into the multi-billion dollar market for commercial lending software with the acquisition of Custom Credit Systems (CCS), a US-based provider of commercial loan origination and workflow management software.
A portfolio company of Triton Pacific Capital Partners, CCS was founded in 1989 and launched its flagship product, CustomLender, in 2005. CCS has 24 clients, including five of the top ten US lenders. Clients include Wells Fargo, Bank of America, US Bank, Comerica, Fifth Third Bank, Washington Federal and Huntington Bank.
With the acquisition, the UK-based core banking systems vendor says it now supports the full lending workflow from origination, credit analysis, and document generation in the front office, to servicing and accounting in the back office, covering syndicated and high volume commercial lending.
Customers will be able to license CustomLender as a standalone product or fully integrated with Misys FusionBanking Loan IQ, achieving full support for commercial, agricultural, real estate, asset-based and small business lending. CCS's CEO Brian Shaw will lead the combined business.
Says Shaw: "The timing is perfect, since the next two years could see up to 90% of banks integrating their credit and loan origination systems with servicing. As lenders transform their businesses, the combined offering of Misys and CCS will be a winning formula."
Financial terms of the transaction were not disclosed.