CFI Mortgage Completes Acquisition Of Surfside Software Systems
January 18, 2000 08:33 AM
NORTH PALM BEACH, Fla., Jan. 18 /PRNewswire/ -- CFI Mortgage, Inc. CFIM , a diversified consumer finance company, today said it completed on Friday (Jan. 14, 2000) the acquisition of controlling interest in Surfside Software Systems(R), a division of privately-held Inventek, Inc. of Clearwater, Fla. Surfside is a leader in the development of advanced software and management solutions for the transportation industry. Terms were not announced.
Stephen Williams, CFI president and chief executive, said the transaction is, "by definition, a strategic acquisition, furthering the transformation of CFI from a traditional mortgage company into a broad, technology-based. consumer finance company serving the national and international markets."
The acquisition is CFI's second within the past five weeks. On Dec. 15, 1999, it announced the acquisition of PMC Mortgage, Inc. of Evansville, Indiana, a direct originator of subprime loans.
"Coupled together," Williams said, "PMC and Surfside enable CFI to further its strategic plan of offering customers a diversified, integrated product line and comprehensive marketing services utilizing state-of-the-art technologies and top-of-the-line customer service. The Surfside name stands for high quality, reliable products, extensive industry experience and first- rate customer service."
Christopher Castoro, CFI executive vice president, said, "The Surfside partnership is part of CFI's strategy to leverage its proprietary financial platforms to strengthen its position in the online financial products and services market."
Williams said the acquisition of Surfside "contributes significantly toward the achievement of that end while, at the same time, marking CFI's entry into the technology-based software solutions business and cost containment industry." He said he expects, "The licensing of software products with applications in the financial services industry to provide a profit center for CFI in the near future."
"There is no doubt," said, J. Steven Furniss, co-founder, president and chief executive of Surfside, "that wireless communications and Internet capabilities are the wave of the future. In that respect, we have developed numerous interfaces to third party communication devices such as alphanumeric pagers, caller ID decoders, PCS units and mobile data terminals. We are continuing to work with the major companies in this industry to create new interfaces. We are very excited about what is on the horizon. Traditional types of communications, such as radio frequency, will still play a part in the industry for years to come, but new digital technology is becoming more prominent."
He added that, "We at Surfside are pleased to be joining the CFI family because our products and technologies integrate uniquely to meet the mandates of e-business in every relevant area -- architecture, deployment time, and return-on-investment. The Surfside name and reputation are growing rapidly because of its leadership in providing high availability software solutions as well as its outstanding corporate culture."
James Furniss, Surfside co-founder and vice president, said the company's acquisition by CFI will allow Surfside "to further expand its TranWare(TM) transportation product lines in the United States and to address the many opportunities in the international market."
J. Steven Furniss will continue as president and chief executive and James Furniss as vice president and director of marketing.
J. Steven and Jim Furniss, a son-and-father team founded Surfside in 1994 after several decades of combined technological experience. For the 19 years prior to the founding of Surfside, J. Steven was an advanced computer programmer while his father, Jim, had been engaged for 30 years in the management and leadership of major development companies in the United States.
Surfside's flagship product is TranWare(TM), which offers modules for order processing, scheduling and dispatch, driver cashiering, account billing/receivables, fleet vehicle maintenance as well as mobile data dispatch and automatic vehicle location (AVL) utilizing GPS.
The TranWare(TM) software suite offers management tools for the many types of transportation businesses, including trucking, non-emergency medical, courier, taxi, limousine and premium sedan. The company also provides on-site training and configuration services as well as 24-hour customer service for its clients.
Surfside Software Systems has a number of prominent customers, including Aqua-Gulf Transport, Ft. Lauderdale, Fla.; Transportation General, Arlington, Va., and Medical Care Transportation, Miami, Fla.
An IBM Business Partner since 1996, Surfside is presently establishing a network of distributors and authorized resellers throughout the United States and Canada. The company maintains a web site at www.surfside.com.
Certain of the above statements may be forward looking statements that involve risks and uncertainties. In such instances, actual results could differ materially as a result of a variety of factors, including competitive developments and risk factors listed from time to time in the company's SEC reports.
SOURCE CFI Mortgage, Inc. |
