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IA Systems, Inc. See Significant Growth in Wake of $3
Million Investment
Investment Spurs New Product Development & Staff
Hirings
(Albany, NY) August 11, 2004 IA
Systems, Inc.—developers of automated loan processing software for banks,
credit unions, and other financial institutions—announced that it recently
received a $3 million investment.
The
investment came as a vote of confidence from IA Systems’ parent company,
Securian Financial Group, Inc., and has already spurred research and development
of new software products to streamline the indirect loan processing industry,
particularly vehicle loans.
This
major investment comes at a time when IA Systems is already experiencing strong
growth in terms of revenue and client base, as well as in employment hires.
Fiscal year 2003 was the third consecutive year that IA Systems realized more
than 40 percent revenue growth. Last year IA Systems also more than doubled its
base of financial institution clients.
“Our continued investment in technology and strategic partnerships, as
well as our expertise in both lending and technology has set the stage for our
strong growth in the last three years,” said Deborah Ryan, CEO, IA Systems,
“ With this additional $3 million investment from Securian, we are poised for
even greater growth in terms of revenue, client base, and staffing.”
In addition to the new software products under development as a result of
the investment, IA Systems is also in the final development stages of a
new product release of its flagship product, StreamLend, a loan processing
software system. The new version of StreamLend—a browser-based loan
origination product that allows for greater flexibility to meet the
ever-changing demands of the loan industry—will be launched in May 2005.
Recently,
IA Systems has signed several strategic alliance agreements with national
partners, including: Integrated Loan Services, a leading provider of residential
mortgage and home equity loan support services; Bridger Systems, a
software research and development firm specializing in software security,
particularly identification and credential verification services; and
Allied Solutions, which provides
quality insurance, lending and marketing products and services to financial
institutions and their members. These alliances further allow IA Systems
to enhance a financial institution’s lending process and growth potential.
The
recent growth at IA Systems—including the three consecutive years of 40%
growth in revenue and the recent signing of several new clients—has resulted
in a need to expand staff. Recently the company has welcomed several new
employees, including Christopher Cazer, Vice President of Client Services; Penny
Perkins, Marketing Manager; Jim Kelly, Team Leader for Client Support;
Christopher Arserio, Team Leader for Project Management; and Ted Woloszyn and
Rashmi Koratkar as Software Developers. In the near future, new positions in the
Sales and Marketing department and the Product Development department will be
created and filled.
Based
on 2003 revenue figures, IA Systems is sixth largest software and applications
development company in the Capital Region.
CEO
Ryan notes, “The $3 million investment—and the new software products we will
develop as a result of it—will enhance our status one of the leading providers
of loan origination software in the country. The investment and development of
new products will also ensure that IA Systems continues to play an important
leadership role in Tech Valley for years to come.”
About IA Systems, Inc.
IA Systems
is a leading provider of loan origination software for banks, credit unions, and
other financial institutions.
In 2000, Securian Financial Group, based in St. Paul, Minnesota, purchased IA
Systems, giving us the backing of a company with $21 billion in assets. As an
affiliate of SFN, IA Systems is represented by a national sales force that
promotes the company's flagship product: StreamLendTM, a paperless
loan origination system that automates the lending process. Headquartered in Albany, NY, the heart
of New York’s Tech Valley, IA Systems has seen annual sales growth of 40% for
the last three years and now provides our StreamLend suite of fast decisioning, automated workflow, and
risk management tools to more than 125 financial institutions worldwide.
For more information, visit us online at www.iasystems.com.
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