FICO Buys Collections Software Co., Expands Offerings
Fair Isaac Corporation (FICO) announced Monday that it has acquired CR Software, LLC, a Fairfax, Virginia-based company that offers a debt-collection management platform.
Financial terms of the deal were not disclosed.
According to FICO, CR Software’s flagship product—its Titanium ORE debt-collection software—is used by more than 300 organizations, including the states of Oregon, Mississippi, and Maryland; debt-collection agency NCO Group; health care services management company Schumacher Group; financial services company Sallie Mae; and Genpact, which offers business process management services.
FICO, which currently offers collections and recovery management services to the financial services industry, said the acquisition will expand those offerings to multiple industries.
“Collections efforts are increasingly being viewed as part of the customer experience, with the quality of customer treatments affecting not only short-term results but also long-term retention,” FICO CEO Will Lansing said in a statement. “[CR Software’s] products and people will help us meet this demand and extend beyond our strong position in financial services.”
Minneapolis-based FICO is among Minnesota’s 40-largest public companies based on its revenue, which totaled $ 676.4 million in the fiscal year that ended in September—up 9.2 percent from the prior year.
The company is known for its credit scores, which have become an industry standard for assessing consumer risk and are widely used as a tool to help lenders, credit card issuers, and banks make lending decisions.
In August, FICO announced that it agreed to buy Adeptra, Ltd., a British software company offering a platform that enables organizations to communicate with customers and resolve issues in real time using voice, text messaging, mobile applications, e-mail, and other channels. FICO said at the time that Adeptra’s technology would help it compete and grow in the mobile economy.
In addition to expanding its services through acquisitions, FICO last week increased its geographic presence with the opening of its first office in Istanbul, Turkey. The company said that Turkey’s economic growth and rapid credit expansion make it one of the healthiest European banking markets and thus have created demand for services offered by FICO, including customer management, collections, and analysis.
FICO also has European offices in the United Kingdom, Germany, Spain, and Russia. It employed 2,315 worldwide at the end of its last fiscal year, including 307 in Minnesota.