Fidelity Information Services has acquired Customized Database Systems (CDS), a provider of front office software for the loan syndication and trading markets, for an undisclosed sum.
Founded in 1994, CDS has offices in New York and London. Under the deal, the company will become part of Fidelity Information Services' Advanced Commercial Banking System (ACBS) group.
Richard Levy, president of commercial and wholesale lending, Fidelity, says integrating ACBS' deal and loan origination (DLO) and servicing with CDS' LoanTrak and SyndTrak systems will provide clients with major cost and time savings as well as significant improvements in data integrity.
He says the combined client bases of the two firms include about 65% of the domestic US lenders and 55% of the EMEA lenders that are engaged in loan syndications and trading.