Misys, the leading financial software company, has acquired Custom Credit Systems (CCS), a US-based provider of commercial loan origination and loan workflow management software. The combination of CCS andMisys results in the most comprehensive solution for the entire loan lifecycle across all lending asset classes, globally.
A portfolio company of Triton Pacific Capital Partners, LLC, CCS was founded in 1989 and launched its flagship product, CustomLender, in 2005. With deep domain expertise and credentials in commercial lending, 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.
CCS’s CustomLender solution is well-proven with global applicability, providing superior loan origination capability with flexible, configurable work flow and rapid deployment. It is available as a deployed solution as well as in the cloud as a Software-as-a-Service solution. Customers will be able to license CustomLender as a standalone product or fully integrated with Misys FusionBanking Loan IQ for a comprehensive front-to-back office lending solution.
Headquartered in Richardson, Texas, CCS’s management team and staff will integrate rapidly into Misys, with its CEO Brian Shaw leading the business to capitalise on the growth opportunity from the merger. CCS’s solution is complementary to Misys FusionBanking Loan IQ. Its flexible loan origination engine is proven across multiple lending classes and is immediately available to more than 2,000 Misys customers to enhance their lending operations.
Nadeem Syed, Chief Executive Officer of Misys, states, “We’re very excited that CCS is joining Misys. CCS completes our lending solution, giving our customers the opportunity to significantly enhance their front-office lending capabilities. CCS’s management team has exceptional domain knowledge and will enable us to accelerate FusionBanking Loan IQ’s footprint in commercial lending across the globe. The combined offering creates the industry’s most comprehensive front-to-back office commercial lending solution, with the broadest asset class coverage.”
“We are delighted to become part of Misys and help extend its capabilities globally with our solutions,” adds Brian Shaw, President and CEO, CCS. “Misys is a company with proven success in integrating specialist financial technology businesses and we look forward to extending our reach globally, continuing to deliver innovation to the market and our joint customers. 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.”
With the acquisition, Misys 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. The combined solution provides cross-loan asset coverage, real-time functionality and reporting, and advanced collateral management to any financial institution. Full support for commercial, agricultural, real estate, asset-based and small business lending is now available, giving Misys a significant opportunity to extend its footprint into the multi-billion dollar market for commercial lending software, as streamlining of lending operations continues.
Financial Technology Partners LP and FTP Securities LLC (“FT Partners”) served as exclusive financial and strategic advisor to CCS in this transaction.
Misys looks forward to showcasing its new FusionBanking lending solution at theMisys Americas Market Forum on 20 October 2014.
