Together, we will deliver the best suite of software and services to be the market-leading partner for lenders.
Together, we will deliver the most exceptional ecosystem of software and service solutions and be the market-leading partner for lenders.
Why is the merger taking place?
Individually, both companies are experiencing success in the market. Together, we will do even better. We have great team members and bringing them together will allow us to do even more for our clients > Merging all of our strengths – agility, stability, scalability, compliance, and best-in-class technology – we will be better able to quickly innovate to meet the evolving needs of our clients.
What companies are involved?
defi SOLUTIONS-DE, LLC and Sagent Auto, LLC have agreed to merge and become one company, known as defi SOLUTIONS. This transaction has the financial backing of Warburg Pincus, Bain Capital Ventures, and Fiserv. All three investors will hold seats on the defi SOLUTIONS Board of Directors.
When is this happening?
A required HSR filing (Hart-Scott-Rodino Antitrust Improvement Act) for regulatory review by the US federal government has been completed. The transaction is expected to close this month at which point, the two companies will officially become one.
Sagent Auto was formed around five core values:
- Think like a client
- Be open to and encourage diverse perspectives
- Have the conversation that matters
- Deliver today while building for tomorrow
- It’s on me, it’s on us.
These values highly align with the defi FREEDOM playbook that among other values promotes the recognition of others’ strengths; encourages clear and proactive communication; advocates for courage, excellence, passion, and focusing on today, building for tomorrow, and prioritizing excellent client experiences above all.
The defi SOLUTIONS FREEDOM Playbook describes the values by which defi teammates strive to interact and do business. In particular, their communication values are similar in their intent to how Sagent Auto has been operating since creation. Sagent promotes Having the Conversation that Matters, which aligns with defi’s Communicate with Clarity; Be Proactive (Not Provocative); Ask Questions. Get the Details; and Collaborate Candidly.
Other values from the defi FREEDOM playbook promote the recognition of others’ strengths and advocate for courage, excellence, passion, and focusing on today, building for tomorrow, and prioritizing the client experiences above all, which also bring synergy in values between the two companies.
FREQUENTLY ASKED QUESTIONS
Individually, both companies are experiencing success in the market. Together, we will do even better. We have great team members and bringing them together will allow us to do even more for our clients. Merging all of our strengths – agility, stability, scalability, compliance, and best-in-class technology – we will be better able to quickly innovate to meet the evolving needs of our clients.
defi SOLUTIONS-DE, LLC and Sagent Auto, LLC have merged and become one company, known as defi SOLUTIONS. The new defi SOLUTIONS has the financial backing of Warburg Pincus, Bain Capital Ventures, and Fiserv. All three investors hold seats on the defi SOLUTIONS Board of Directors.
defi SOLUTIONS was founded to bring a flexible, configurable, SaaS loan origination system to the auto finance industry. The company offers collateral-agnostic services to finance companies, banks, credit unions, and lenders of all sizes and types in the US and Canada.
defi SOLUTIONS focuses on innovative products and development and delivery methodologies with frequent product releases and features clients can configure at their own discretion. defi SOLUTIONS is currently headquartered in Westlake, TX.
In addition to its loan origination system, defi SOLUTIONS offers a loan management and servicing system (defi SERVICING), an online application interface (defi DIRECT), an analytics and reporting platform that aggregates data from a lender’s LOS and LMS (defi ANALYTICS), and a loan evaluation system for auto loan portfolio buyers (defi EXCHANGE).
In January 2018, defi SOLUTIONS announced a $55 million Series C investment from Bain Capital Ventures.
Sagent Auto, LLC provides technology solutions and business process outsourcing (BPO) services across the auto finance lifecycle. These solutions and services are targeted to the needs of captive lenders, national banks (in the US and Canada), large finance companies and start-ups in the USA and Canada. Sagent Auto, LLC is headquartered in King of Prussia, PA, and also operates out of Amherst, NY.
Key products of Sagent Auto currently include: Auto Originations Account Connect, Auto LOS, Pricing Program Advantage, Mobile Lending Manager, VehicleLinQ account servicing, and Auto Servicing Account Connect. BPO services include: Loan and Lease Care, Lease Maturity Management and Remarketing.
Sagent Auto, LLC was formed in March 2018 after a joint venture involving Warburg Pincus and Fiserv. Prior to the joint venture, Sagent Auto operated as the lending solutions business of Fiserv. Sagent M&C, LLC (serving the mortgage and consumer markets) was also formed at that time and will continue to operate independently of this merger, doing business as Sagent Lending Technologies.
This merger came about through a shared vision for how lending clients, partners, team members, and investors could be better served by uniting these two great companies into one to take advantage of their respective strengths and resources.
defi SOLUTIONS will remain a private company.
Warburg Pincus LLC is a leading global private equity firm focused on growth investing. The Firm has more than $65 billion in private equity assets under management. Founded in 1966, Warburg Pincus has raised 19 private equity funds, which have which have invested more than $77B in more than 870 companies in more than 40 countries around the world. In 2018, Warburg Pincus entered into a joint venture with Fiserv to form Sagent Auto, LLC and Sagent M&C, LLC, doing business as Sagent Lending Technologies. Warburg Pincus will hold seats on the defi SOLUTIONS Board of Directors.
Bain Capital Ventures is the venture and growth investing arm of Bain Capital. The firm invests from seed to growth in businesses driving transformation across industries, from SaaS, infrastructure software and security to fintech and healthcare to commerce and consumer tech. The firm has helped launch and commercialize more than 240 companies, including DocuSign, Jet.com, Kiva Systems, Lime, LinkedIn, Rapid7, Redis Labs, Rent the Runway, Rubrik, SendGrid and SurveyMonkey. Bain Capital Ventures has $5.2 billion in assets under management with offices in Boston, New York, Palo Alto, and San Francisco. In 2018, defi SOLUTIONS partnered with Bain Capital Ventures to accelerate the development of existing and emerging products and expand resources and facilities. Bain Capital Ventures holds seats on the defi SOLUTIONS Board of Directors.
Fiserv, Inc. (NASDAQ: FISV) aspires to move money and information in a way that moves the world. As a global leader in payments and financial technology, the company helps clients achieve best-in-class results through a commitment to innovation and excellence in areas including account processing and digital banking solutions; card issuer processing and network services; payments; e-commerce; merchant acquiring and processing; and the Clover™ cloud-based point-of-sale solution. Fiserv is a member of the S&P 500® Index and the FORTUNE®500, and is among the FORTUNE Magazine World’s Most Admired Companies®. Fiserv will hold seats on the defi SOLUTIONS Board of Directors.
The transaction closed mid-August 2019. The two companies have officially become one.
The combined company is known as defi SOLUTIONS. The Sagent Lending Technologies name is being continued and used solely for the mortgage and consumer servicing technology solutions that are not part of this transaction. Bret Leech also remains the CEO of Sagent Lending Technologies.
Bret Leech has assumed responsibility of defi SOLUTIONS as CEO and a member of the Board of Directors. Stephanie Alsbrooks Hanson is continuing to support the combined company as vice chair and founder. Reporting to Bret Leech, Stephanie is partnering with the executive team on client relationships as well as on ideas to transform the lending industry.
The defi SOLUTIONS office in Westlake, TX is the headquarters for the combined company and Bret Leech’s new location. We are also operating from the current Sagent Auto locations in King of Prussia, PA, and Amherst, NY.
As a market leader in lending technology and services, the new defi SOLUTIONS will continue to watch for additional opportunities that benefit our clients, investors, and team members.
The combined company will be headquartered in Westlake, TX. We continue to be committed to the Sagent Auto office locations in Amherst, NY, and King of Prussia, PA. Heritage Sagent Auto associates based in or around Dallas, TX, are officing out of the Westlake office. At this time, we do not anticipate any jobs or personnel moving between locations.
For the immediate time, we are continuing to deliver all products provided by each company. Over time, we will work as one company to create a set of best-in-class solutions that meet the evolving needs of lenders.
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September 18, 19, 20
SEPTEMBER 18-20, 2018
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