UK-based financial solutions provider Marlborough Stirling has acquired Plexus Systems Designs, a Canadian supplier of loan administration software, for an undisclosed sum.
Plexus clients include Canadian Imperial Bank of Commerce (CIBC), with a portfolio of $50 billion. Twelve of the UK’s mortgage lenders use Marlborough Stirling’s software-based mortgage systems and outsourcing services. The company currently employs 900 people from offices in the UK, Ireland, South Africa and Canada.
Marlborough Stirling’s corporate development director, David Gales, says the buy out of Plexus will strengthen the company's market position and provide a springboard for expansion into international markets.
The acquisition follows an existing co-development partnership between the two companies to build a straight through processing (STP) mortgage solution across all distribution channels. This has been achieved through the integration of Marlborough Stirling's front office eCRM product, Omiga, with Plexus' back-office software product, Optimus, says the company.
Marlborough Stirling believes the fixed cost end-to-end solution will be highly desirable for new mortgage companies who may find market entry costs prohibitive. The combined system is designed to handle the administration of each loan from the first point of customer contact through its lifecycle, including electronic point-of-sale, underwriting, mortgage application processing, loan servicing, renewal management and securitisation.