SAN JOSE, Calif. and
TORONTO, May 5, 2021 /PRNewswire/ -- 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 Software
Constellation acquires,
manages and builds vertical market software businesses that provide
mission critical software solutions.
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.
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.
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SOURCE Fair Isaac Corporation
