Moody’s Corporation (NYSE:MCO) announced on March 19th, 2021 that it has completed its acquisition of Cortera, which was announced on February 10, 2021. Cortera is a leading provider of North American credit data and workflow solutions.
The acquisition enhances Moody’s integrated risk assessment capabilities and significantly extends its coverage in the small and medium enterprise segment. Cortera augments Moody’s extensive Orbis database of private company information (Bureau van Dijk) and enhances its know-your-customer, commercial lending, and supply chain solutions.
Cortera maintains one of the most comprehensive databases of credit information, featuring data and analytics on over 36 million companies. Cortera gathers data from thousands of sources, which it then enhances through artificial intelligence, and provides analytics, reports and monitoring services to help businesses make informed decisions about their counterparties.
Cortera builds on several acquisitions Moody’s made over the past few years beginning with the Bureau van Dijk business in 2017 and followed more recently by RDC and Acquire Media this past year. Together these units form a comprehensive suite of reference an entity data and AI technology to serve a range of use cases, including among other things, KYC and compliance. In 2020 Moody’s Analytics generated approximately $525 million in annual sales of these solutions and we expect them to produce high-teens growth in 2021. The know-your-customer and compliance use case in particular is generating over $200 million in annual sales and is projected to grow by over 25% in 2021, continuing to be our fastest-growing risk assessment market.
ABOUT MOODY’S CORPORATION
Moody’s (NYSE:MCO) is a global risk assessment firm that empowers organizations to make better decisions. Its data, analytical solutions and insights help decision-makers identify opportunities and manage the risks of doing business with others. We believe that greater transparency, more informed decisions, and fair access to information open the door to shared progress. With over 11,400 employees in more than 40 countries, Moody’s combines international presence with local expertise and over a century of experience in financial markets. Learn more at moodys.com/about.
Source: Business Wire and Moody’s Q4 Earnings Call Transcript