CIS Credit Solutions, a portfolio company of SmithsonianCapital, said Nov. 4 that it acquired the mortgage solutions business of Alliance 2020 Inc. Financial terms weren’t announced. Alliance 2020’s mortgage products include credit and flood reports, tax verifications and rapid re-scores, according to the company’s website.
PRESS RELEASE
SmithsonianCapital portfolio company CIS Credit Solutions Announces Acquisition of Mortgage Solutions Business of Alliance 2020
New York, NY, November 4, 2019 – SmithsonianCapital portfolio company CIS Credit Solutions (“CIS”), an outsourced services and solutions provider in the mortgage industry, is pleased to announce the acquisition of the Mortgage Solutions Business of Alliance 2020, Inc. (“Alliance 2020”). Headquartered in Renton, Washington, Alliance 2020 is a leading service provider to mortgage originators, whose operations have now been integrated with CIS. Alliance 2020 will continue to own and operate its non-mortgage businesses including its core background and tenant screening business.
Perry Steiner, Chairman of SmithsonianCapital and CIS, stated “CIS is thrilled to partner with the Mortgage Solutions Business of Alliance 2020, its long-term customers and its valued employees. CIS is a leader in providing services to mortgage originators, and we look forward to working with the expanded client base and continuing the great work of Alliance 2020 in our industry.”
Bradley J. Faulkes, CEO of Alliance 2020, commented, “Alliance 2020 has been in the credit reporting industry for over 20 years and we worked hard to find the right partner for our customers and employees. The transaction with CIS also allows Alliance 2020 to put its full focus on its core background and tenant screening business.”
Mike Brown, CEO of CIS added “The combination with Alliance 2020, is a natural step in the continued growth of CIS. We look forward to building on the exceptional service that Alliance 2020 provides its clients and will continue to look for ways to expand their service offering, and to provide additional value for our clients.”
Transaction terms were not disclosed. The transaction was funded with debt financing provided by JP Morgan Chase and Merion Investment Partners. McDonald Hopkins LLC provided legal representation to CIS in the transaction.
About CIS Credit Solutions
CIS Credit Solutions has been a leader in the mortgage credit industry for 35 years. CIS provides fully integrated solutions for mortgage lenders, including Tri-merge Credit Reports, Fraud Prevention, 4506T/Tax Return Verifications, Verifications of Employment, Income and Deposit/Asset, UDN, Flood Certificates, and Tenant and Employment Screening. CIS prides itself on premium service and provides the highest level of customer service in the industry. CIS’s clients range from the largest mortgage lenders in the country to independent mortgage originators; providing the same level of care and attention to both.
About SmithsonianCapital
SmithsonianCapital is a private investment fund making majority equity control investments in a variety of services industries. SmithsonianCapital looks to partner with exceptional management teams in high value-add products and services in fragmented industries.
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