JACKSONVILLE, Fla.--(BUSINESS WIRE)--Underscoring its commitment to serve the consumer lending needs of North American financial institutions, FIS™ (NYSE: FIS), the world’s largest provider of banking and payments technology, today announced the acquisition of CMSI, a premier provider of consumer loan origination software and services.
“Lending remains the No.1 driver of revenue for financial institutions, yet they continue to struggle with inefficiencies created by the use of disparate and siloed lending systems and processes throughout the full loan life cycle,” noted Rachel Landrum, executive vice president, FIS. “Combining CMSI’s underwriting solution automation with FIS’ closing, servicing and portfolio management capabilities creates a top-tier solution set that uniquely addresses these inefficiencies within lending organizations of all sizes. We believe the addition of CMSI better positions FIS to capitalize on the significant opportunities within the consumer lending space.”
Founded in 1987, CMSI is a leading provider of consumer loan origination and portfolio management software to a broad spectrum of financial institutions within the U.S. and Canada ranging from community-based institutions to large, international lenders.
Terms of the transaction were not disclosed.
CMSI is a premier provider of consumer loan origination software. With 25 years of experience in the credit processing industry, CMSI is a leader in open-architecture software products and services. Our state-of-the-art products automate the entire consumer credit process from origination, through credit analysis, and contracting for direct and indirect lenders all over the country. CMSI can fully support all your consumer lending products, including Auto Retail and Lease, Home equity, RV, Marine, Credit Card, and Student Lending. Specializing in systems that combine precise business information with the latest technology has made CMSI’s solutions the choice of leading financial institutions in the U.S. and Canada.
FIS is the world’s largest global provider dedicated to banking and payments technologies. With a long history deeply rooted in the financial services sector, FIS serves more than 14,000 institutions in over 110 countries. Headquartered in Jacksonville, Fla., FIS employs more than 39,000 people worldwide and holds leadership positions in payment processing and banking solutions, providing software, services and outsourcing of the technology that drives financial institutions. First in financial technology, FIS tops the annual FinTech 100 list, is 434 on the Fortune 500 and is a member of Standard & Poor’s 500® Index. For more information about FIS, visit www.fisglobal.com.
Statements in this release that are not historical are forward-looking statements made pursuant to the safe harbor provisions of federal securities laws. Any statements that refer to beliefs, expectations, projections or other characterizations of future events or circumstances and other statements that are not historical facts are forward-looking statements. Because such statements are based on future economic performance and are not statements of fact, actual results may differ materially from those projected. The risks and uncertainties which forward-looking statements are subject to include, but are not limited to changes in general economic, business and political conditions, developmental and conversion delays inherent with new software products and technology, and risks of reduction in revenue from the elimination of existing and potential customers due to consolidation in or new laws or regulations affecting the banking, retail and financial services industries, changes in the growth rates of the markets for our solutions and other risks detailed in the “Statement Regarding Forward-Looking Information,” “Risk Factors” and other sections of the Company’s Annual Report on Form 10-K and other filings with the Securities and Exchange Commission.
Other unknown or unpredictable factors also could have a material adverse effect on our business, financial condition, results of operations and prospects. Accordingly, readers should not place undue reliance on these forward-looking statements. These forward-looking statements are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict. Except as required by applicable law or regulation, we do not undertake (and expressly disclaim) any obligation and do not intend to publicly update or review any of these forward-looking statements, whether as a result of new information, future events or otherwise.