IA Systems Announces Strong Second Quarter
Company experiences continued sales growth,
names new president, adds new customers
(ALBANY,
N.Y., July 13, 2006) IA Systems—a provider of lending software and services for
credit unions, banks, and other financial institutions—completed another
successful quarter and announced several important milestones. The company
realized record sales growth, named Chris Cazer president, continued to sign
new contracts, and successfully implemented its new loan origination system,
StreamLend Velocity. The company also expects to host its largest
Annual Client Conference to date in October.
IA Systems
reported an increase in sales of 64 percent over the same period in 2005.
Several new clients have already signed up for StreamLend Velocity,
including the $1.7 billion Texans Credit Union, which will use IA’s new loan
origination system to replace the credit union’s current custom-built,
in-house system. The company also reported that the $780 million Educators
Credit Union in Wisconsin went live on StreamLend Velocity,
processing 200 loans on the first day of operations and funding 50 loans in
48 hours.
Chris
Cazer, who joined IA Systems in 2004, was promoted to president,
providing a clear succession path for when CEO Deborah Ryan retires at the
end of the year. Ryan, CEO since 2001, has elected to step down to pursue
personal goals. During her tenure at IA Systems, the company more than
tripled its revenue and doubled its client base. Ryan also led the
development and launch of StreamLend Velocity.
“Our new
Velocity platform positions us to address every aspect of the lending
landscape—either today or in the immediate future. That all-encompassing
vision of providing tools for the entire ‘lendscape’ has helped drive our
successful second quarter,” said Chris Cazer, president of IA Systems. “Our
dramatic sales growth and proven results solidify IA Systems as a major
player in the market. The staff and technology investments made to date
provide a substantial foundation on which to support our future growth and
goals.”
In June, Educators Credit Union completed
its conversion from StreamLend to StreamLend Velocity and is already
reaping the benefits. “Working with IA Systems is not like working with a
vendor, but more like working with a true partner. StreamLend Velocity
makes our entire lending process even faster and more efficient, and we
are able to better serve our members’ needs while increasing our total loan
volume," said Linda Hoover, senior vice president of lending at Educators
Credit Union.
In addition to Texans Credit Union and other
new clients that selected StreamLend Velocity in the second quarter,
three more of IA Systems’ current clients chose to migrate to the enhanced
solution from their current StreamLend system.
IA Systems also expanded its management team
with the addition of Lisa Santy as director of Product Management. In this
position, Santy heads the product management group and drives product
strategy and marketing. She is responsible for ensuring that IA Systems
creates the most current and reliable products for its clients through
comparative analysis and an understanding of market requirements, needs, and
trends.
The
company will host its 5th Annual Users Conference at The Sagamore
Resort in Bolton Landing, N.Y. (Lake George) October 22-25, 2006. With the
release and launch of StreamLend Velocity in January, and a quarter
of the company’s client base already signed on to convert, this year's
conference promises to be the largest and most educational to date. The
theme of the conference is Lendscape 2006: The Story of Lending. For
more information visit: http://www.iasystems.com/Conference/home.asp.
“We are committed to meeting our
growth objectives while staying focused on customer service,” Cazer said.
“To support IA Systems’ growing client base, we will continue to add
experienced client-focused team members and make technology investments. Our
expectations for the remainder of 2006 will reflect even more growth for our
company as we continue to expand our presence within the financial services
marketplace.”
StreamLend
Velocity is a customizable, paperless, Web-based loan origination
system designed to automate and streamline the entire lending process. Using
the solution, financial institutions can simplify and accelerate all lending
areas from processing and underwriting to funding and closing loans.
StreamLend Velocity, built on an open standards .NET and XML
architecture, offers seamless integration with all major core processors and
third-party vendors.
About IA Systems
Since
1991, IA Systems has developed technology to streamline business operations
for credit unions, banks, and other financial institutions.
In 2000,
St. Paul, Minn.-based Securian Financial Group, with assets of more than $26
billion, purchased IA Systems, providing IA with a national sales force and
the financial backing of one of the nation’s largest independent
distributors of insurance protection services for financial institutions.
IA
Systems’ flagship product, StreamLend Velocity, is a paperless,
Web-based loan origination system that simplifies, automates, and
accelerates the lending process using industry-leading tools such as a
user-centric browser interface, configurable workflow, and modular,
open-standards software design. The powerful and flexible Web-based tools of
StreamLend Velocity automate workflow, speed credit and loan
decisioning, integrate sales channels, and manage risk for financial
institutions, while decreasing operational costs and increasing loan
processing efficiencies.
For more
information about IA Systems and its products and services, visit the
company’s Web site at www.IASystems.com,
write 500 New Karner Road, Albany, N.Y. 12205,
or call 800.803.7554 ext. 396.
—end—
For more info,
contact: Lisa Santy, 518.862.9200 ext. 396,
lsanty@iasystems.com
(pdf version)