FICO, a provider of analytics and decision management technology, announced it has acquired CR Software LLC, a provider of collections and recovery services for credit issuers, government organizations, collection agencies, retailers, health care providers and other enterprises. The transaction has closed, and terms are not being disclosed.
CR Software was established in 1984. The company currently supports more than 300 public and private organizations, including the State of Oregon, the State of Mississippi, the State of Maryland, NCO, Schumacher Group, Sallie Mae and Genpact.
"CR Software is the ideal company to help FICO extend our analytics-based collections and recovery offerings to multiple industries, as well as credit grantors of all sizes," said Will Lansing, FICO's CEO. "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. Given our domain expertise in this area, businesses across industries routinely approach us for advice and best-in-class solutions. Now, when combined with our Adeptra customer engagement capabilities and our robust analytics tools and models, CR Software's products and people will help us meet this demand and extend beyond our strong position in financial services."
CR Software's principal product, the Titanium ORE (Open Receivables Environment) solution, offers business-user driven configuration, industry-specific functionality, scalability and security unlike any other software provider.
Titanium serves as a System of Record (SoR), a true extension of the user's host system, and simplifies, automates and coordinates collections and recovery operations across the enterprise, leading to higher returns. Titanium's modern architecture enables real-time data integration with virtually any client system.
Organizations using Titanium run the gamut from large organizations with many thousands of concurrent users to companies with just a few active users, and these clients have consistently achieved a high ROI with the Titanium solution.
"FICO has long been a pioneer in providing advanced collections and recovery solutions to the financial services industry, with solutions built around FICO Debt Manager," said Martin Germanis, CR Software's CEO. "Today, organizations such as governments, health care entities, agencies and retailers are demanding the same kind of enterprise-strength solutions as financial services institutions, but tailored to their specific needs. CR Software complements FICO's strengths and expands FICO's portfolio with a solution that yields superior ROI in multiple industries, the public sector and smaller collections agencies."