FIS (NYSE: FIS), a large financial services technology company, has expanded its loan software and services business by acquiring CMSI.
Terms of this acquisition were not disclosed by Jacksonville, Fla.-based FIS in an April 14 news release. The company did say in a follow-up email that the transaction has been completed.
This merger will combine CMSI's underwriting solution with FIS' closing, servicing and portfolio management capabilities. The shared platform will be offered to direct and indirect lenders across North America.
FIS currently serves more than 14,000 institutions in over 110 countries.
"Lending remains the number-one 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 lifecycle," said Rachel Landrum, executive vice president at FIS, in a news release.