Cypress Software Systems, LP today announced record sales in 2007 with revenue growth of 40 percent and earnings increasing 117 percent. That includes a robust close to the year that included 26 new customers signing 32 new contracts for the company’s automated loan decisioning software.
“Despite an apparent economic slowdown – driven largely by the mortgage crisis in the financial services sector – Cypress has witnessed no ill effect, because our clients, who are largely in the banking and credit union industries, use our software during tough times to ensure quality loan decisions are made, thereby controlling the potential for loan losses,” said Stephen G. Sargent, president and chief executive officer of Cypress Software Systems. “The records that we set are an illustration of the quality of our products, services and personnel that drive our continued growth. We’re looking forward to an even better 2008.”
Cypress’ products include Mark IV, a software platform that automates the consumer loan application and decisioning process. With Mark IV, service associates electronically input application information while interviewing customers. The software then quickly retrieves credit reports, efficiently reviews sources of repayment, and deploys the institution’s loan policies. The result is a fast, quality loan decision.
Similarly, the company’s BizMark software processes small business loan applications, enabling lenders to efficiently handle small business commercial credit requests for lines of credit, term loans, corporate leases and corporate credit cards. The software gathers principal and financial statement data; retrieves and interprets consumer and business credit reports; performs ratio analysis; and scores the results.
Cypress’ AppMark product is designed for community banks with assets of $250 million or less, automating all aspects of the consumer loan application process from data entry to underwriting to decisioning. The software is hosted and delivered through Cypress’ application service provider (ASP) network, eliminating the need for Cypress clients to purchase additional hardware, software and IT staff to run and maintain the application.
About Cypress Software Systems
Headquartered in North Richland Hills, Texas, USA, Cypress Software Systems, LP is a leading developer of automated credit application decision support technology. Cypress provides community and regional banks, finance companies and credit unions with loan application decision and tracking tools equivalent to those used by the largest national lending institutions. Clients, nationwide and in 16 countries, use the company’s flagship products, Mark IV and BizMark, to quickly and consistently process consumer and small commercial loan applications. Cypress Mark IV offers a flexible, risk-based processing approach that includes tracking consumer loan applications from point of entry to point of decision. Cypress’ BizMark loan automation software processes commercial loan requests within a customer relationship management environment. Both products may be licensed in the bundled Cypress Suite and are offered in either an application service provider (ASP) or traditional business model. The company’s product line also includes AppMark, an ASP-only consumer lending solution for community banks with assets of $250 million or less. Web Site: http://www.go-cypress.com .