Fiserv acquires mortage software firm Del Mar Database

Fiserv acquires mortage software firm Del Mar Database

US-based Fiserv has acquired Del Mar Database, a provider of automated back office systems to small and mid-sized mortgage lenders, for an undisclosed sum.

San Diego-based Del Mar recorded revenue of about $12 million in 2004. The firm's 40 employees are expected to transfer to Fiserv following the acquisition.

Del Mar's flagship DataTrac product provides a centralised database for tracking loan data. The vendor says its products enable lenders to gain multi-user access to information required for loan approval and processing and include document imaging, pricing and security tools.

Fiserv acquired Del Mar Database from investment firms MHT Partners, Timeline Ventures and Titan Investment Partners.

Commenting on the acquisition, John Walsh, president, Del Mar Database, says: "The breadth of Fiserv's products and services, financial resources and industry reputation all support our goal of providing small to mid-size mortgage lenders the best technology and solutions available in the market."

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