CRIF, a global leader in credit services, today announced that through its company CRIF Corp. it has acquired Equifax Enabling Technologies LLC unit, based in Baton Rouge, Louisiana, consisting primarily of the APPRO suite of loan origination software from Equifax Inc. (NYSE: EFX).

The acquisition of APPRO, one of the top loan origination software solutions in the credit union, banking and finance industries, is designed to further enhance CRIF Lending Solutions offerings in the U.S. and abroad. Established in 1988 in Bologna, Italy, CRIF is a global company specializing in the management of credit reporting, business information and decision support systems to support the needs of financial institutions, service providers, businesses and consumers. APPRO is one of the industry’s leading providers of comprehensive, automated credit risk management and financial technologies for online and traditional lending environments. Over 200 financial institutions rely on APPRO lending technology to automate and manage over billions of dollars in annual loan volume.

“We are pleased to welcome APPRO to the CRIF Lending Solutions family,” said CRIF CEO, Carlo Gherardi. “APPRO will help us to greatly expand the breadth and depth of lending automation technology offerings that we can provide to banks, credit unions and financial institutions around the world. Moreover, the solutions offered by CRIF and its controlled companies in the U.S. (Teres, Aimbridge, FLS and Magnum) are complementary to those of APPRO, which will make it possible to respond more effectively to the needs of an increasingly demanding market in terms of advanced added value solutions and technological flexibility.”

“The APPRO acquisition increases our technological capacity and flexibility, which will allow us to respond to client and market demands,” said Larry Howell, Chairman of the CRIF International board.  The synergies deriving from this transaction will allow a specialized hub to be created in the U.S. with a greater potential for growth. Moreover, the integration of APPRO and CRIF experience in their specific areas of business will lead to a fast service in the implementation of added value solutions for the client. The aim of the deal is to supply the U.S. market and APPRO’s clients with a comprehensive offer in terms of technological capacity and flexibility aimed at responding to the demands of the market and individual clients in a timely manner.  APPRO Systems will operate as a wholly-owned subsidiary of CRIF. APPRO will be marketed and distributed under the CRIF Lending Solutions brand along with lending services and technology offerings from other U.S. based CRIF companies, including Teres Solutions, Aimbridge and FLS Services.  Source:  CRIF Press Release

BIIA Newsletter April II – 2010 Issue