Constellation Software Reaches Agreement with Fair Isaac Corporation to Purchase Its Collection and Recovery Business
May 05 2021 - 9:01AM
FICO (NYSE:FICO), a leading predictive analytics and decision
management software company, and Constellation Software Inc.
(“Constellation”) (TSX: CSU) jointly announced today 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.
Forward-Looking Statements
Certain statements herein may be “forward-looking” statements
that involve known and unknown risks, uncertainties and other
factors that may cause the actual events to be materially different
from any future events expressed or implied by such forward-looking
statements. Words such as “may,” “will,” “expect,” “believe,”
“plan,” “intend,” “should,” “anticipate” and other similar
terminology are intended to identify forward looking statements.
Such forward-looking statements involve significant risks and
uncertainties, including risks that the transaction will not be
consummated within the expected time period, or at all, and the
risk that conditions to the closing of the transaction may not be
satisfied. These forward-looking statements should not be read as
guarantees of future results, and will not necessarily be accurate
indications of whether or not such results will be achieved, or
when such results will be achieved. A number of factors could cause
actual results to vary significantly from the results discussed in
the forward looking statements. These forward-looking statements
reflect current assumptions and expectations regarding future
events and are made as of the date hereof, and Constellation and
FICO assume no obligations, except as required by law, to update
any forward-looking statements to reflect new events or
circumstances.
About Constellation SoftwareConstellation
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 Tel:
416-861-9677jbaksh@csisoftware.com www.csisoftware.com
About Jonas SoftwareJonas 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.
About FICO FICO (NYSE: FICO) powers decisions
that help people and businesses around the world prosper. Founded
in 1956 and based in Silicon Valley, the company is a pioneer in
the use of predictive analytics and data science to improve
operational decisions. FICO holds more than 195 US and foreign
patents on technologies that increase profitability, customer
satisfaction and growth for businesses in financial services,
telecommunications, health care, retail and many other industries.
Using FICO solutions, businesses in more than 100 countries do
everything from protecting 2.6 billion payment cards from fraud, to
helping people get credit, to ensuring that millions of airplanes
and rental cars are in the right place at the right time.
FICO is a registered trademark of Fair Isaac Corporation in the
US and other countries.
Learn more at https://www.fico.com.
For further information, contact: Greg Jawski for FICOEmail:
greg.jawski@porternovelli.comPhone: +1 212-601-8248
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