William Stucky and Associates, Incorporated, the US-based provider of Internet services for the asset-based lending industry who market themselves as “the future of lending and factoring systems”, have this week announced that they have taken on Tyco Capital as a client.
Tyco Capital, formerly CIT Commercial Services, prides itself on being the oldest and largest factoring company in the United States with more than 90 years of industry experience. The company has approximately 300,000 customers and an estimated market share by factored volume of 35% in 2000. CIT Commercial Services, which became Tyco Capital in 2001 after roughly 71m shares in CIT were bought by Tyco, estimated their factored volume in 2000 at US$27bn.
The company’s clients range from SMEs with US$2m in annual sales to publicly held corporations with more than $500m in sales. The vast majority of their factoring clients, however, have annual sales of less than US$10m.
BCR