Constellation Financing Systems, a subsidiary of Constellation Software, Inc (TSX: CSU) and a leading provider of software and services to the leasing and finance and commercial lending industries, announced today the acquisition of the shares of Covarity, Inc.
Covarity, founded in 1999, is a market leader in post-origination commercial loan monitoring and analysis solutions for financial institutions that offer working capital lending products. Covarity?s customers manage over 20,000 working capital loans with a value of over $9 billion. The Covarity solution handles a full range of loan monitoring activities, including collecting review information from borrowers, automated analysis, calculation of borrowing base certificates, spreading and covenant compliance, and client and portfolio-based reporting.
?We believe Covarity?s value proposition delivering automation, structure, controls, and improved efficiency and borrower compliance to their commercial lending portfolio operation is well aligned to the needs of the market? remarked David Taylor, VP of Constellation Financing Systems. Taylor added ?Covarity?s SaaS delivery platform delivers an accelerated implementation and borrower on-boarding that lenders need to bring sustainable efficiency and improved performance to their loan monitoring operations.?
Covarity joins Constellation Financing Systems? product mix, including ASSET (asset finance portfolio management software), Edge (leasing and loans origination system) and Casitron CLAMS (ASP-based lease and loan accounting solution). Constellation Financing Systems solutions are used by 90+ customers across North America. Notable customers include Royal Bank of Canada (RBC), HSBC, and Fidelity Bank.
Covarity?s headquarters will continue to be in Kitchener, ON, with sales, support, and account management offices in Oakville, ON, NY, and MN.
For more information on Covarity, please visit their website www.covarity.com.
Chad Everett Alex Morgan Olympics 2012 TD Bank Alexa Vega Google Fiber earthquake
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.