JERSEY CITY, N.J., March 21, 2005 — Sysdome, a leading provider of fraud-prevention and decision-support tools to the mortgage industry, has agreed to be acquired by ISO. The transaction, which requires shareholder approval, is expected to close within 30 days. Terms were not disclosed.
Based in Calabasas, Calif., Sysdome provides solutions to mortgage professionals to detect and identify mortgage-application and property fraud quickly and accurately, allowing lenders and mortgage investors to obtain lower costs and make more informed and reliable lending decisions.
Earlier this year, ISO acquired AppIntelligence, a Weldon Spring, Mo.–based provider of web-based analytic tools that also detect and identify fraud in the residential mortgage industry. The two entities will be combined into a new division called ISO Mortgage Analytics.
"With today's acquisition, ISO has enhanced its suite of state-of-the-art, best-of-breed technology solutions for the mortgage industry, and this positions us well to serve its future needs," said Scott Stephenson, ISO executive vice president. "The acquisition complements ISO's recognized expertise as the leading provider of world-class data, analytics and decision-support products for property and liability risks," Stephenson added.
Stephenson continued: "This will be a comfortable situation for customers of both companies because there will be no diminution in the support for the products of either company. Customers who have already implemented a solution from either company will find their investments are protected, and prospective customers will continue to have the same or enhanced choices available to them."
Stephenson further noted that ISO is committed to bringing its resources and proven expertise in data and analytics for developing new products and enhancing existing products to the new division.
ISO is a leading provider of products and services that help measure, manage and reduce risk. ISO provides data, analytics and decision-support solutions to professionals in many fields, including insurance, finance, real estate, health services, government and human resources. Professionals use ISO's databases and services to classify and evaluate a variety of risks and detect potential fraud. In the U.S. and around the world, ISO's services help customers protect people, property and financial assets.
Calabasas, Calif.–based Sysdome Inc. is an Internet-based, high-speed technology service that prevents fraudulent loss, reduces risk, streamlines loan processes, and consolidates vendor relationships for mortgage lenders. Founded in 1998, Sysdome supports more than 500 mortgage lenders throughout the United States with its Decision-Support solutions, including Electronic Loan Review (ELR), Third Party Review (TPR) Management Program, Fraudguard.com, PredatorX/E, Fraud Seminars and Educational Services, Asset Searches, Directed Audit Services and Pre-funding Comprehensive Screening Audits. Sysdome is an independent company owned by an investor group which includes FBR Financial Services Partners, LP, and Bill Dallas, chairman and CEO, Ownit Mortgage, Inc.