FRESNO, Calif.--(BUSINESS WIRE)--Credit Bureau Connection (“CBC” or “the Company”), a provider of credit report and compliance solutions to automotive dealers, lenders, and other end markets, today announced the acquisition of CreditDriver Solutions, a soft credit technology provider offering lead generation and sales enablement tools. Founder and CEO Michael Byrd will join CBC as Senior Vice President of Sales. CBC is backed by Capstreet, a Houston-based lower middle market private equity firm. Terms of the transaction were not disclosed.
CreditDriver Solutions’ primary product is CreditDriver, a mobile-first consumer authentication and prequalification solution for the automotive credit industry. CreditDriver’s Device ID utilizes mobile carrier data to authenticate a consumer’s identity, allowing for real-time pre-fill of consumer data and instant delivery of relevant credit data, including their current automotive tradeline and monthly payment power. Consumers benefit from a frictionless and secure experience to get prequalified within seconds, while dealers get better visibility into their consumers’ profiles. This allows them to more easily identify the best vehicles for purchase and virtually eliminates digital fraud and identity theft at the first step. A secondary product, ApplicantOne, helps dealers and companies hire more qualified applicants by automating the hiring process.
“Expanding our technology portfolio is a priority for us, and CreditDriver’s state-of-the-art technology creates value drivers throughout the auto sales process and is emblematic of our commitment to innovation,” said David Carner, CEO of CBC. “I am eager to welcome Mike and his experienced team to the Company.”
“Our solutions help dealers increase sales by better identifying consumers who are prequalified and currently in the market for a new vehicle,” said Mr. Byrd. “Joining forces with CBC provides us with additional resources for growth, and I’m excited to see CreditDriver incorporated into an end-to-end process from lead generation through compliance to completion.”
“This acquisition presents a compelling investment opportunity for CBC,” added Rick Pleczko, CEO, Operating Executive Group at Capstreet and Executive Chair at CBC. “CreditDriver’s credit-building white-label solution has potential applications beyond the automotive market, and we’re excited about possible growth opportunities.”
Willkie Farr & Gallagher LLP provided legal counsel, while Deloitte acted as financial advisor, for CBC.
About CBC
CBC offers credit report and compliance solutions to the automotive and general consumer finance industries across the United States. The Company optimizes and automates the consumer finance qualification process through a fast, easy-to-use, and secure software platform made available to its extensive network of software affiliate partners. CBC’s products and solutions place a heavy emphasis on compliance and identity verification to support the credit application and credit report process. Please visit www.creditbureauconnection.com for additional information.
About Capstreet
Founded in 1990, Capstreet invests in lower middle market software, tech-enabled services, and industrial business services companies. With over 45 platform investments and over 200 add-on acquisitions since inception, Capstreet’s investment strategy is focused on utilizing its Capvalue Framework™ to help accelerate growth and profitability, and help create long term sustainable businesses. The majority of Capstreet’s investments have been with founder- or entrepreneur-owned businesses. For more information, visit the Capstreet website, www.capstreet.com.
