Solifi has acquired Inovatec Systems Corporation, expanding its automotive, powersports and specialty finance capabilities across the lending lifecycle.
Inovatec is a cloud-based lending technology provider serving banks, captive finance organizations, credit unions and specialty lenders across North America.
The acquisition combines Inovatec’s digital application, loan origination and loan management technology with Solifi’s broader secured-finance platform.
Inovatec’s platform includes its Propel digital portal, loan origination system and loan management system, supporting lending workflows across automotive, powersports, equipment and other specialty finance markets.
Solifi provides technology spanning originations, portfolio management, servicing, risk and compliance for secured-finance providers.
The combination is designed to give lenders a more connected technology environment across both retail and wholesale finance.
For automotive and specialty finance companies, Inovatec adds capabilities covering digital applications, credit adjudication, funding, servicing, payments and collections.
Solifi’s existing capabilities include wholesale and floorplan finance, dealer inventory oversight, asset and vehicle intelligence, risk monitoring and enterprise portfolio management.
Together, the companies expect to support a broader range of automotive finance operating models while allowing customers to adopt individual capabilities based on their business requirements and technology strategies.
The acquisition also expands Solifi’s geographic reach.
Inovatec has established a significant presence among Canadian lenders, credit unions and specialty finance companies, while Solifi brings global implementation experience and capabilities across equipment finance, private credit, automotive finance, wholesale finance and working capital.
Solifi said customers of both companies will continue receiving support for their existing products and product roadmaps.
Over time, the combined organization plans to create additional integrations across lending workflows, data and risk management while investing in the acquired Inovatec product portfolio.
Inovatec was founded in 2006 by Vladimir and Danijela Kovacevic and has grown from its two founders to a workforce of more than 160 employees serving lenders throughout North America.
The company is headquartered in Vancouver, British Columbia, with operations across North America and Serbia.
The transaction also combines Inovatec’s cloud-based architecture and configurable workflows with Solifi’s ongoing investments in modernization, connected data and workflow automation.
RBC Capital Markets served as exclusive financial advisor to Solifi, while Stikeman Elliott and Goodwin Procter provided legal counsel.
TD Securities served as exclusive financial advisor to Inovatec, and Torkin Manes provided legal counsel.
KEY QUOTES:
“Automotive finance is one of the clearest examples of why connected technology matters. Retail origination and servicing, wholesale finance, dealer operations, asset data and risk oversight are deeply interdependent, yet they are often managed through separate systems. Inovatec strengthens our ability to connect those workflows and gives Solifi an even stronger foundation to support captives, banks, credit unions and specialty lenders as their operating models evolve.”
Dan Corazzi, CEO of Solifi
“We founded Inovatec in 2006 with a simple idea: lenders should be able to adapt their technology as quickly as their business evolves. That vision helped us grow from two founders into a team of more than 160 people serving lenders across North America. Today, our clients are looking for more products, more channels, and greater automation – and meeting those needs requires scale. Solifi brings that scale, deep expertise in secured finance, and a shared perspective on the future of the industry. By bringing together our origination and servicing platforms with Solifi’s broader secured-finance solutions, we can innovate faster with more connected insights for our customers. Most importantly, our clients will continue working with the same team and practical approach they trust, now backed by a larger platform. We’re proud of what we’ve built and excited about what we can achieve together.”
Vladimir and Danijela Kovacevic, Co-Founders of Inovatec
