i-flex Solutions Board Agrees to Acquire SuperSolutions

SuperSolutions Corporation is a U.S.-based specialized consumer lending software provider. The i-flex solutions board approved the acquisition in an all-cash deal for USD 11.5 million. Industry research reports indicate a growing interest by consumer lending firms to move to a universal lending platform. Such a solution is needed to integrate pricing, servicing, securitization and collections for mortgages, specialized loans, lines of credit and leases. Only 56% of all U.S. banks have automated loan origination system in place, according to Celent Communications. By 2005, the number should reach 70 percent. SuperSolutions is a well-established software provider to specialized consumer lending institutions. Its flagship product, Daybreak Lending Suite is a universal lending platform (ULP) that enables financial institutions to manage the lending process from origination through servicing and collections. Daybreak enables lenders to achieve significant reduction in costs and improvements in productivity through its ability to manage multiple lending products. Built on the latest generation technology, the software meets the demanding consumer lending requirements of the U.S. market. The product is used by top-tier U.S. clients, such as Harley Davidson Financial Services, Inc., Mitsubishi Motors Credit, Hyundai Motor Finance, U.S. Small Business Administration, Onyx Acceptance Corporation, and Crescent Bank & Trust. Upon approval by SuperSolutions shareholders, SuperSolutions will become a 100% owned subsidiary of i-flex. The existing management team of SuperSolutions will continue with the company to run the business.