Fair, Isaac Completes HNC Merger
NU Online News Service, Aug. 5, 2:27 p.m. EST?Fair, Isaac and Company Incorporated (NYSE:FIC) announced today that it has completed its previously announced merger with Irvine, Calif.-based HNC Software Inc. Fair, Isaac is located in San Rafael, Calif.
According to Fair, Isaac, the move will help it expand its analytics and decision management technologies, and will position the company to deliver solutions and software that help businesses build customer relationships, increase profits and manage risk.
Today's announcement follows receipt of regulatory clearance for the merger plan on Aug. 1, and approval by the stockholders of Fair, Isaac and HNC on July 23, the company noted. Under the terms of the agreement, HNC shareholders will receive 0.519 of a newly issued share of Fair, Isaac common stock for every share of HNC common stock.
Fair, Isaac markets advanced analytic solutions that drive business decisions and customer strategies. HNC has been a provider of software that supports mission-critical decisions and minimizes risk and fraud. According to Fair, Isaac, "the combination creates synergies that will meet increasing demands for solutions that deliver vital customer insight and bottom-line business value."
In conjunction with the merger's closing, Fair, Isaac announced the appointment of two HNC directors to Fair, Isaac's board of directors. Fair, Isaac's board now totals nine members.
The new board members are Alex "Pete" Hart, who has been an HNC director since October 1998, and Thomas Farb, a general partner and chief financial officer for the Boston office of Summit Partners, who has served on the HNC board and Audit Committee since 1987.
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