Benny,
This is the acquisition that I was referring to. Do you know if this product is part of the sale. If so why? It seems like a change in strategy very shortly after the fact.
CheckFree Corporation Acquires Leading Default Management System From Advanced Mortgage Technology, Inc.
Atlanta, GA (October 6, 1997) - CheckFree Corporation (NASDAQ:CKFR), the nation's leading provider of financial electronic commerce transaction processing, today announced the acquisition of FORTRACS, the industry's leading default management software, from Advanced Mortgage Technology, Inc. (AMTI). FORTRACS will be added to the CheckFree Software Division's suite of mortgage products. Details of the transaction were not disclosed.
To proactively manage mortgage payments, loan default, collections, foreclosure, bankruptcy and claims processes, the mortgage industry is turning to solutions that automate and streamline the complicated process of default management. The only fully integrated, Windows(r)-based default management system on the market today, FORTRACS features foreclosure tracking, loss mitigation, bankruptcy, claims processing and real estate owned management disposition. In addition, the system includes work-flow engineering, imaging and connectivity to such outside sources as attorneys, title companies and property inspectors. It offers a client/server system that provides full account history, tools for on-line loss analysis, loan renegotiation, foreclosure initiation, and step-by-step activity templates that make using the system more accurate and effective than traditional systems.
By adding FORTRACS to its suite of products, CheckFree is reaffirming its commitment to the mortgage banking community as the leader in mortgage banking software solutions and default management. CheckFree provides a full range of software solutions which improve business operations for financial institutions and businesses either through a single product or an integrated solution suite.
"FORTRACS will be a critical component in CheckFree's integrated mortgage solutions," said Sean Feeney, general manager of CheckFree Software Division. "This acquisition demonstrates our commitment to the mortgage industry by providing leading edge technology to our customers. Only CheckFree can offer everything from mortgage origination, servicing, tracking and default management to enabling mortgage bills to be delivered and paid electronically."
Three principals of AMTI will join CheckFree to manage research, development and integration of FORTRACS. Ronald C. Morgan, president of the company will serve as vice president of CheckFree's newly formed Default Products Group. Michael A. Daniels will serve as director of the Default Products Group and Stephen Kadel will become director of development for the group. The transition to CheckFree will be transparent to FORTRACS customers with all ongoing service and support to be provided by CheckFree's Software Division.
According to Mr. Morgan, "the acquisition of FORTRACS by CheckFree is a perfect fit. CheckFree provides the ultimate infrastructure, electronic commerce and capital resources that will enable us to meet the current demands that have been generated by the FORTRACS product in the marketplace."
Headquartered in Orlando, Fla., AMTI provides sophisticated software and consulting services to the mortgage banking community. AMTI offers a full line of services designed to assist servicers in developing new skills and to introduce new technology that streamlines processes and increases productivity, control and profitability.
Founded in 1981, CheckFree Corporation (www.checkfree.com), is the leading provider of electronic commerce services, software and related products for more than 1.8 million customers, 1,000 businesses and 850 financial institutions. CheckFree's Software Division designs, develops and markets software products and services to the financial, mortgage lending and retail industry.
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