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TCI Announces Sale of Background Screening and Credit Accessing Portal Products
Jan 05, 2012 (03:01 PM EST)
DecisionLender becomes TCI's primary focus
HAUPPAUGE, N.Y., Jan. 5, 2012 /PRNewswire/ -- On Dec. 23, 2011, TCI sold five of its products to SS&C Technologies Holdings, Inc., to concentrate on its loan origination solution—DecisionLender—which generated the majority of its revenue in 2011.
SS&C, a global provider of financial services software and software-enabled services added AddressScreener, CreditScreener, My Credit Screener, Tenant/Employment Screener and FraudScreener to its existing services.
"Over the last ten years we have created many innovative information retrieval SaaS products. After reviewing our business plan, we felt it was the right time to focus on our core product, DecisionLender," said George Nagrodsky, chairman of TCI. "Our loan origination products are experiencing significant growth, and we believe that the loan origination marketplace offers tremendous opportunity."
TCI was founded in 1982 as a distributor of Telex terminals, a teleprinter used for business communications. With the evolution of the digital communication age, TCI began offering internet-based products or Software as a Service (SaaS). Today, more than 300 customers—direct, auto indirect, internet and retail lenders are using DecisionLender which provides customers with a loan origination solution that manages workflow, pulls credit reports and analyzes applications without the expense of maintaining software and hardware.
About SS&C Technologies: Celebrating its 25th year, SS&C is a global provider of investment and financial software-enabled services and software focused exclusively on the global financial services industry. Founded in 1986, SS&C has its headquarters in Windsor, Connecticut and offices around the world. 5,000 financial services organizations, from the world's largest to local financial services organizations, manage and account for their investments using SS&C's products and services. These clients in the aggregate manage over $16 trillion in assets. Additional information about SS&C (NASDAQ: SSNC) is available at www.ssctech.com.
About TCI: Supporting more than 300 credit unions, banks and finance companies across the United States, TCI provides affordable loan origination solutions that provide consistent lending decisions while maintaining compliances, giving direct, indirect, internet and retail lenders the edge they need to be first.
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SOURCE Teledata Communications, Inc.