Constellation Software Completes Agreement with Fair Isaac Corporation to Purchase Its Collection and Recovery Business
FICO (NYSE: FICO) has successfully completed the sale of its Collection and Recovery business to Constellation Software's Jonas Software operating group.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
FICO (NYSE: FICO) has successfully completed the sale of its Collection and Recovery business to Constellation Software's Jonas Software operating group. This strategic divestiture aims to streamline FICO's focus on its core decision management and predictive analytics offerings. Wells Fargo Securities acted as exclusive financial advisor, while Faegre Drinker Biddle & Reath LLP provided legal counsel for the transaction. This shift aligns with FICO's commitment to enhance profitability and growth in key sectors such as financial services and telecommunications.
Positive
- Completion of Collection and Recovery business sale to enhance core focus.
- Transaction aimed at streamlining operations for better profitability.
Negative
- None.
Details
News Market Reaction – FICO
The recorded move for FICO in the trading session of this news was +0.71%.
Data tracked by StockTitan Argus. Session date unavailable.
AI-generated analysis. How Rhea-AI works. Not financial advice.
SAN JOSE, Calif., June 7, 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 completed the sale of FICO's Collection and Recovery business to Constellation's Jonas Software operating group, a leading provider of enterprise management software solutions.
For this divestiture, Wells Fargo Securities, LLC served as exclusive financial advisor to FICO and Faegre Drinker Biddle & Reath LLP served as legal counsel to FICO.
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 FICO
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