CRIF acquires APPRO Systems from Equifax
CRIF announced in April 2010 the acquisition of APPRO Systems, a U.S.-based provider of credit risk management technology, from Equifax. The transaction is expected to enhance CRIF's capabilities in the North American market.
CRIF, a global company specializing in credit reporting and decision support systems, has acquired APPRO Systems from Equifax. The acquisition, announced on April 4, 2010, aims to bolster CRIF's presence and offerings in the North American lending market.
At the time of the acquisition, APPRO Systems was a significant player in automated credit risk management and financial technologies, serving over 200 financial institutions that collectively managed billions of dollars in annual loan volume. CRIF CEO Carlo Gherardi stated that the integration of APPRO into CRIF Lending Solutions would expand the company's lending automation technology portfolio for banks and credit unions globally.
The combination of CRIF and APPRO's technologies is intended to create synergies, allowing for a more responsive approach to market demands for advanced solutions and technological flexibility. Larry Howell, Chairman of the CRIF International board, noted the acquisition's role in increasing technological capacity and flexibility to meet client needs.
This strategic move is expected to establish a specialized hub in the U.S. with enhanced growth potential. APPRO Systems will operate as a wholly-owned subsidiary under the CRIF Lending Solutions brand, integrating its services with other CRIF U.S. entities. The deal is designed to offer U.S. and existing APPRO clients a comprehensive suite of technological capabilities.