Katie Emmel,
Chief Operating Officer,
Solifi

Founded in 1974 as International Decisions Systems (IDS) in Minnesota, Solifi initially focused on basic pricing offerings. Equipment finance looked a lot different back then, but the company met the industry where it was and provided solutions that organizations needed in order to meet their innovation goals.

IDS quickly grew from the ground up through partnerships with large national banks seeking customized commercial leasing software. Early on, the company developed InfoLease, its flagship portfolio management software, which remains a mainstay in the equipment finance sector today.

“It’s not often you see a startup grow into a global company with a large customer base, growth through acquisitions and offices around the world,” Emmel says. “That’s a significant achievement we are very proud of.”

THE KEYS TO SUCCESS
As Solifi has grown, so has its loyal customer base. Solifi’s top 20 clients have been with the company for an average of 20 years — a testament to their trust in Solifi’s adaptability and service. Maintaining strong relationships, even as clients transition between organizations, is a top priority for Emmel and the Solifi team.

“The industry is dynamic and adaptable,” Emmel says. “Someone might work at a large bank one day and then start an equipment finance business the next. We’ve maintained those relationships with customers over the years.”

Solifi’s ability to innovate through cultural and economic changes has played a significant role in its high client retention. In the early 2000s, the software industry experienced hyper-growth and global expansion. In 2018, Solifi launched its cloud-based software with a comprehensive software-as-a-service (SaaS) offering. Since then, the company has seen OEMs, independents and banks alike adopt its scalable Open Finance Platform SaaS solution with 110+ customers and over $150 billion in net asset value.

In 2021, Solifi acquired William Stucky and Associates and White Clarke Group. These strategic acquisitions expanded Solifi’s offerings; the former added working capital solutions, while the latter introduced wholesale inventory and auto financing capabilities. This expansion has proven successful, as many of Solifi’s customers were seeking these additional services.

“Every software company sells software and solutions to attract customers,” Emmel says. However, she emphasizes, guiding customers through the implementation process and successfully launching them on the platform is a critical initiative. “These are major investments and significant decisions for organizations. Solifi is focused on quick time to value for our customers to achieve the business outcomes that drove them to make an investment in new technology.”

Last year, Solifi had nearly 40 major go-lives, including both new and existing customers. “In a landscape marked by acquisition and consolidation, we step in to help our customers integrate multiple businesses resulting from these changes,” Emmel says. “I consider these achievements among the key milestones we’ve reached over the last 50 years.”

EVOLUTION OVER THE DECADES
The equipment finance landscape has evolved; Solifi was right there with it. Emmel, who has been with the company for 37 years, highlights the shift in decision-making authority for technology, moving from the business to more integrated corporate structures. This change has influenced how organizations approach their operations, partnerships and regulatory compliance, particularly for banks working with third-party vendors.

Emmel has also noted a shift from organizations seeking exclusive, customized software to embracing more agile, standard product solutions. As the market rapidly evolves due to new technologies and security requirements, businesses must remain nimble and stay current on software to retain and grow their customer base.

Solifi initially focused on creating pricing products to help customers evaluate financial deals, including various pricing scenarios. Its key offering was a portfolio management and origination system that allowed users to handle financing applications, process credit decisions and track the portfolio of leases and loans through billing, collections and accounting processes. Over time, and as the industry changed, the product expanded to include term loans, securitizations, participations, revolving accounts and international functionalities to meet the needs of various finance sectors and geographies, including Europe and Australia.

The expansion of the Solifi products came about through diligent industry research. To keep a close eye on market trends and customer needs, Emmel and her team are actively engaged with industry resources, such as Monitor, as well as associations, including the Equipment Leasing & Finance Foundation (ELFF) and the Equipment Leasing and Finance Association (ELFA).

Solifi has played a major role in addressing challenges within the vehicle and finance industry, evolving to offer a broad range of financial products, such as various leases, loans, syndication, securitization and usage-based offerings. An important aspect was the Investment Tax Credit (ITC), which initially encouraged leasing, disappeared and later returned in the form of tax credits for renewable energy. This cyclical nature is common, Emmel says, and Solifi has adapted its solutions to accommodate such changes.

Today, renewable energy financing is a major focus, alongside adapting to regulatory changes like lease accounting and consumer protection — particularly regulations that often begin in Europe and spread globally, Emmel says. Solifi continually updates its offerings to ensure regulatory compliance, including addressing the recent focus on Regulation 1071. Additionally, Solifi has expanded beyond equipment finance to secured finance, which encompasses a $7 trillion market, responding to customers’ needs for working capital and other financial services.

REMAINING NIMBLE
Emmel sees industry challenges as opportunities for adaptability, a strength the sector has consistently demonstrated. Increased regulatory compliance demands, though sometimes burdensome, are necessary for businesses to focus on, Emmel says.

The onset of COVID-19 accelerated technological adoption, forcing businesses that lagged behind to implement remote-capable tools, like e-signatures. Economic shifts, such as recessions or industry-specific downturns (e.g., hospitality during COVID), also test the industry’s resilience. The rise of financial technology companies presented an additional challenge for banks, introducing agile competitors that forced established businesses to innovate.

Emmel emphasizes the importance of thinking ahead, not only addressing customers’ current needs, but also anticipating future demands, such as usage-based financing for specialized equipment. A focus on the future has kept Solifi in business for 50 years and contributes to the company’s strength in the equipment finance industry, as well as its client retention and loyalty.

“You have to be nimble; you have to stay current,” Emmel says. “No more are the days of thinking: ‘I’m going to implement some software technology, and then I’ll think about doing some big upgrades in a couple years.’ The world doesn’t, and can’t, work that way anymore.”

100 YEARS AND BEYOND
Solifi’s growth strategy revolves around four pillars: trusted customer partnerships, market leadership, integrated solutions and breakthrough innovation. Solifi remains customer-centric, developing solutions that address today’s needs while anticipating future demands.

Looking ahead, Emmel says Solifi will continue to explore new markets and opportunities, with acquisitions playing a key role in its expansion strategy. Emmel emphasizes that close customer relationships, adaptability and forward-thinking will continue to drive Solifi’s success as it heads towards its centennial milestone.

“At the end of the day, we exist because of our customers and their confidence in us to meet their needs today and in the future,” Emmel says. “This industry is great. It’s going to continue to grow, thrive and be an integral part of the economy — and Solifi will continue to contribute to its greatness.” •

Erin Rafter is associate editor of Monitor.

Brianna Wilson, managing editor of Monitor, interviewed Katie Emmel for this article.