Constellation Software Reaches Agreement with Fair Isaac Corporation to Purchase Its Collection and Recovery Business
FICO Collection and Recovery products automate the lifecycle of consumer collections and recovery.
FICO (NYSE:FICO), a leading predictive analytics and decision management software company, and Constellation Software Inc. (“Constellation”) (TSX: CSU) have jointly announced that they have entered into a binding agreement for the purchase and sale of FICO’s Collection and Recovery business to Constellation’s Jonas Software operating group, a leading provider of enterprise management software solutions. Completion of the acquisition remains subject to mutually agreed closing conditions.
FICO Collection and Recovery products automate the lifecycle of consumer collections and recovery, including early collections, late collections, asset disposal, agency placement and optimization, recovery, litigation, bankruptcy, asset management, and residual balance recovery. The specific products consist of: Debt Manager™, Platinum, RMS (Recovery Management System), Placement Optimizer℠, PlacementsPlus®, and Agency Management Network. Additionally, following the closing of the transaction, the senior leadership team dedicated to the Collection and Recovery business will remain as executive management of the business under Jonas Software’s ownership. It is expected that Jonas and FICO will continue to have a mutually beneficial relationship following the closing of the transaction.
“We are proud of the FICO team that built and delivered these industry-leading products our clients rely on to make their collection and recovery processes efficient and effective,” said Will Lansing, CEO of FICO. “We are confident that Jonas will continue to invest in these solutions and support our clients and colleagues with the same commitment and partnership those clients and colleagues have come to expect.”
“We look forward to maintaining the standard of excellence that FICO has instilled in their solutions,” said Matt Otchet, Group CEO at Jonas. “The Jonas team is excited to induct the Collection and Recovery business into our portfolio.”
The Collection and Recovery products represent less than 10 percent of FICO revenue. FICO expects the divestiture to have an immaterial impact on future operating profits. For this divestiture, Wells Fargo Securities, LLC served as exclusive financial advisor to FICO.
About Constellation Software
Constellation acquires, manages and builds vertical market software businesses that provide mission critical software solutions.
For further information, contact:
Constellation Software Inc.
Jamal Baksh, Chief Financial Officer
About Jonas Software
Jonas is a global provider of vertical market software solutions, serving a multitude of industries. As an operating group of Constellation Software Inc., Jonas acquires, manages, and builds software businesses that provide specialized, mission-critical, enterprise solutions. Jonas companies invest in becoming leaders in their industries by ensuring that the products and services they offer meet the requirements of their clients in the present and future time horizons. Jonas helps companies improve their operations, grow through organic initiatives, and seek acquisitions to strengthen their market offerings.
Source: FICO Press Release