January 26, 2005
Fitch Group Successfully Completes Algorithmics Acquisition
Fitch Group, Inc., a Fimalac SA company, has closed its acquisition of Toronto-based risk management firm Algorithmics. The terms of the transaction are the same as those announced at the time of the signature of the definitive acquisition agreement in mid-December 2004. The acquisition price is US$175 million. Algorithmics provides financial institutions with advanced enterprise risk management solutions that help them better measure and manage their financial risk.
About Fitch Group
Fitch Group is the parent company of Fitch Ratings, a leading global rating agency committed to providing the world's credit markets with accurate, timely, and prospective credit opinions. Fitch Ratings is dual-headquartered in New York and London, operating offices and joint ventures in more than 50 locations and covering entities in more than 80 countries. Fitch Group is a wholly owned subsidiary of Fimalac, S.A., an international business support services group listed and headquartered in Paris, France.
Founded in Toronto in 1989 in response to the complex issues surrounding financial risk management for the enterprise, Algorithmics is an international leader in enterprise risk management for financial institutions. Today, Algorithmics has one of the largest and most experienced teams in the industry dedicated to developing and delivering the industry leading Algo Suite of enterprise risk management solutions to over 150 clients in 31 countries through 15 offices in key international markets. Algorithmics was recently recognized as the leading technology solutions provider in market risk, credit risk, and operational risk in Risk Magazine's 2004 Technology Rankings.
FIMALAC is an international business support services group based in Paris. Mr. Marc Ladreit de Lacharriere, is the founder and CEO of FIMALAC and is also Chairman of Fitch Group.
Posted by Tom Troceen