- Constellation Software (CSU) reaches agreement with Fair Isaac Corporation to purchase its collection and recovery business
- Completion of the acquisition remains subject to mutually agreed closing conditions
- 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
- Constellation acquires, manages and builds vertical market software businesses that provide mission-critical software solutions
- Constellation Software Inc. (CSU) is up 0.68 per cent and is trading at C$1833.11 at 12:49 pm ET
FICO (FICO) and Constellation Software (CSU) have entered into a binding agreement for the purchase and sale of FICO’s collection and recovery business.
Constellation’s operating group Jonas Software will acquire FICO's business.
Completion of the acquisition is 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.
Following the closing of the transaction, FICO's senior leadership team 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,” added Otchet.
The Collection and Recovery products represent less than 10 percent of FICO revenue. FICO expects divestiture to have an immaterial impact on future operating profits.
Constellation acquires, manages and builds vertical market software businesses that provide mission-critical software solutions.
Constellation Software Inc. (CSU) is up 0.68 per cent and is trading at C$1833.11 at 12:49 pm ET.