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Schaumburg, Illinois - January 14, 2009: FMS Investment Corp. (dba Financial Management Systems) has been selected as a Private Collection Agency (PCA) contractor by the U.S. Department of Education, Federal Student Aid. Under the Department’s 2009 Task Order, FMS will join 16 other agencies in servicing defaulted, federally guaranteed student loans. FMS is now in the implementation stage of what is considered one of the most significant and highly specialized collection contracts in the accounts receivable management (ARM) industry.
Since 2004, FMS has been a contractor for the U.S. Department of Education. The 2009 Task Order award now places the Company in the “Unrestricted Pool” of PCAs. FMS began its partnership with the Department in the small business set aside portion of the 2004 Task Order. Agencies in the Unrestricted Pool generally receive significantly higher placement volumes and therefore higher revenue opportunities.
FMS’ move into the Unrestricted Pool signifies the Company’s ascension as one of the premier ARM agencies in the nation, a sentiment echoed by the Company’s Chairman, Bruce MacFarlane, “…FMS’ ‘graduation’ from a small business contractor to the large business pool is directly attributable to the terrific staff we have assembled and the extraordinary work they have done over the last several years…With continued leadership and hard work, I believe FMS is poised to become one of the largest and most profitable collection companies in the country.”
FMS’ success is due in no small part to the constant support of the Company’s clients and vendors, who, through their willingness to collaborate and redefine commonly accepted industry practices, have helped sustain and grow the relatively young firm. With the additional resources this strategic award is sure to engender, FMS will be able to offer the increasingly innovative and effective solutions that the Company’s public and private sector clients have come to expect.
FMS is a best-in-class provider of accounts receivable management (ARM) solutions to financial service institutions in the government and private sector. FMS was founded in 1993 as a project management and consulting firm, offering services to federal agencies such as the Resolution Trust Corporation (RTC) and the Federal Deposit Insurance Corporation (FDIC) during the savings and loan crisis. In 2004, FMS reorganized and incorporated operational services, including debt collection activities, into the company’s proven regimen of financial services consulting. Since 2004, the company has grown from a staff of four consultants to nearly 250 employees. FMS maintains headquarters and call center operations in Schaumburg, Illinois. The Company also operates from branch offices in Sacramento, California and Chennai, India.