New York--(BUSINESS WIRE)--Moody's Corporation (NYSE:MCO) today announced that it has reached a definitive agreement to acquire Cortera, a leading provider of credit data and workflow solutions in North America. The acquisition strengthened Moody's comprehensive risk assessment capabilities and significantly expanded its coverage in the field of small and medium-sized enterprises (SMEs).
Cortera maintains a very comprehensive credit information database, which contains data and analysis of more than 36 million companies. Cortera collects data from thousands of sources, and then enhances these data through artificial intelligence, and provides analysis, reporting and monitoring services to help companies make informed decisions about their counterparties.
Stephen Tulenko, President of Moody’s Analytics, said: “Cortera has played an important role in helping companies understand each other. Our customers will be able to use Cortera’s extensive information on small businesses and make better decisions with the help of Moody’s proprietary analysis tools. ."
The acquisition of Cortera will enhance Moody's large database of Orbis private company information and enhance its Know Your Customer (KYC), business loans and supply chain solutions.
Cortera CEO Jim Swift said: "The combination of Moody's capabilities and Cortera's strong data and analysis on private companies in the United States will provide customers with deeper insights. This transaction will greatly enhance our influence and capabilities. We can meet the ever-changing customer needs."
The acquisition is expected to be completed in the first quarter of 2021, provided that customary delivery conditions are met, including the expiration or expiration of any applicable waiting period under the Hart-Scott-Rodino Antitrust Improvement Act of 1976. termination. Cortera will be integrated into the research, data and analysis business of Moody's Analytics (MA).
Paul Hastings LLP acted as Moody's legal counsel in the transaction. Raymond James & Associates and Morris, Manning & Martin, LLP acted as financial advisors and legal advisors to Cortera, respectively. The funding for this acquisition will come from available cash and is not expected to have a significant impact on Moody's 2021 financial results.
About Moody's
Moody's (NYSE: MCO) is a global risk assessment company that can help organizations make better decisions. Moody's data, analytical solutions and insights can help decision makers identify opportunities and manage risks in business dealings with other organizations. We believe that increasing transparency, informed decision-making and fair information channels are the way to common progress. Moody's has more than 11,400 employees in more than 40 countries and combines international business with local expertise and more than a century of financial market experience. For more information, please visit moodys.com/about.
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Certain statements in this press release are forward-looking statements based on the future expectations, plans and prospects of Moody's ("Company") business and operations, involving various risks and uncertainties. Such statements may include "believe", "expect", "anticipate", "intend", "plan", "will", "forecast", "potential", "continue", "strategy", "hope", " Words such as “objective”, “estimate”, “project”, “estimate”, “should”, “may” and similar expressions or words and their variants, which convey the expected nature of events or results, and usually represent forward-looking statements . Unless otherwise required by applicable laws and regulations, the forward-looking statements and other information in this press release are made on the date of publication, and the company has no obligation (and does not intend) to publicly supplement, update, or modify the subsequent developments of the relevant statements. Whether these supplements, updates or modifications are caused by subsequent development, anticipated changes or other reasons. In view of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, the company will illustrate certain factors, risks and uncertainties that may cause actual results to differ from these forward-looking statements (which may be materially different). These factors, risks and uncertainties include, but are not limited to: the impact of the new crown epidemic on the volatility of the US and world financial markets, the overall economic conditions and GDP of the US and the world, as well as the company's own operations and personnel. Many other factors may cause actual results to differ from Moody’s expectations, including: credit market turmoil or economic slowdown, which may affect the number of domestic and/or international capital market debt and other securities issuances; others may affect domestic and / Or global capital market debt and other securities issuance issues, including regulatory, credit quality issues, interest rate changes and other fluctuations in financial markets, such as Brexit and the transition of companies from the London Interbank Offered Rate (LIBOR) Uncertainty, etc.; the level of M&A activity in the United States and overseas; the uncertainty and potential related consequences of the actions taken by the United States and foreign governments on the credit market, international trade and economic policies, including those related to tariffs and trade barriers; The market’s concerns that may affect our integrity or the market’s concept of integrity or the effectiveness of independent credit institutions’ ratings; the introduction of competitive products or technologies from other companies; pricing pressure from competitors or customers; new product development and global expansion The degree of success; the impact of the “Nationally Recognized Rating Organization” (NRSRO) rules, the potential impact of new legislation and regulations in the United States, states and localities; the possibility of increased competition and increased regulatory requirements in the EU and other foreign jurisdictions; Moody Litigation risks related to Moody's Investors Service's rating opinions, as well as other litigation, government and regulatory procedures, investigations and inquiries that the company may be involved from time to time; the content of defense standards revised in U.S. legislation, and Regulations and regulations that are unfavorable to credit rating agencies after the revision of the EU liability standards; clauses in EU regulations that increase procedural and substantive requirements for service pricing; and expand the scope of supervision to include non-EU ratings for regulatory purposes; turnover of key employees Possible; failure or failure of the company’s operations and infrastructure; any vulnerability to cyber attacks or other network security issues; the results of the tax authorities’ inspection of the company’s global tax plan measures; if the company fails to comply with the applicable jurisdictions in which the company operates Foreign and U.S. laws and regulations, including data protection and privacy laws, sanctions laws, anti-corruption laws, and local laws prohibiting bribery of government officials, may face criminal sanctions or civil compensation; the impact of mergers, acquisitions, or other company mergers, and successful company integration The capabilities of these mergers and acquisitions; currency and exchange rate fluctuations; future cash flow levels; capital investment levels; and the decline in the demand for credit risk management tools from financial institutions. These factors, risks and uncertainties, and other risks and uncertainties may cause Moody's actual results to differ materially from the estimates, expressions, expectations and expected or implied results in the forward-looking statements, and may be affected by the new crown at present or in the future. The outbreak of the epidemic worsened. These contents are included in the first part 1A “risk factors” of the Form 10-K annual report for the year ended December 31, 2019, the Form 10-Q quarterly report for the quarter ended March 31, 2020, and the company’s trading in U.S. securities from time to time There are more detailed descriptions in the other documents submitted or in the materials contained thereby. Shareholders and investors are reminded that the occurrence of the above factors, risks and uncertainties may cause the company’s actual performance to differ materially from those estimated, expressed, predicted, expected or implied in forward-looking statements, which may then affect the company’s business. , Operational performance and financial status bring significant negative impact. New factors may appear from time to time, however, the company cannot predict them, nor can it assess the potential impact of any new factors on the company. Service) Litigation risks related to rating opinions, as well as other litigation, government and regulatory procedures, investigations and inquiries that the company may be involved in from time to time; the content of the defense standards modified in the US legislation, and the credit rating after the EU’s liability standards are revised. Unfavorable rules and regulations of rating agencies; clauses in EU rules and regulations that increase procedural and substantive requirements for service pricing and expand the scope of supervision to include non-EU ratings for regulatory purposes; the possibility of key employee turnover; company operations and infrastructure Failure or malfunction; any vulnerability to cyber attacks or other cyber security issues; the results of inspections by tax authorities on the company’s global tax plan measures; if the company fails to comply with foreign and US laws and regulations applicable to the jurisdiction in which the company operates, including Data protection and privacy laws, sanctions laws, anti-corruption laws and local laws prohibiting bribery of government officials may face criminal sanctions or civil compensation; the impact of mergers, acquisitions or other company mergers and the company's ability to successfully integrate such mergers and acquisitions; Currency and exchange rate fluctuations; future cash flow levels; capital investment levels; and the decline in the demand for credit risk management tools from financial institutions. These factors, risks and uncertainties, and other risks and uncertainties may cause Moody's actual results to differ materially from the estimates, expressions, expectations and expected or implied results in the forward-looking statements, and may be affected by the new crown at present or in the future. The outbreak of the epidemic worsened. These contents are included in the first part 1A “risk factors” of the Form 10-K annual report for the year ended December 31, 2019, the Form 10-Q quarterly report for the quarter ended March 31, 2020, and the company’s trading in U.S. securities from time to time There are more detailed descriptions in the other documents submitted or in the materials contained thereby. Shareholders and investors are reminded that the occurrence of the above factors, risks and uncertainties may cause the company’s actual performance to differ materially from those estimated, expressed, predicted, expected or implied in forward-looking statements, which may then affect the company’s business. , Operational performance and financial status bring significant negative impact. New factors may appear from time to time, however, the company cannot predict them, nor can it assess the potential impact of any new factors on the company. Service) Litigation risks related to rating opinions, as well as other litigation, government and regulatory procedures, investigations and inquiries that the company may be involved in from time to time; the content of the defense standards modified in the US legislation, and the credit rating after the EU’s liability standards are revised. Unfavorable rules and regulations of rating agencies; clauses in EU rules and regulations that increase procedural and substantive requirements for service pricing and expand the scope of supervision to include non-EU ratings for regulatory purposes; the possibility of key employee turnover; company operations and infrastructure Failure or malfunction; any vulnerability to cyber attacks or other cyber security issues; the results of inspections by tax authorities on the company’s global tax plan measures; if the company fails to comply with foreign and US laws and regulations applicable to the jurisdiction in which the company operates, including Data protection and privacy laws, sanctions laws, anti-corruption laws and local laws prohibiting bribery of government officials may face criminal sanctions or civil compensation; the impact of mergers, acquisitions or other company mergers and the company's ability to successfully integrate such mergers and acquisitions; Currency and exchange rate fluctuations; future cash flow levels; capital investment levels; and the decline in the demand for credit risk management tools from financial institutions. These factors, risks and uncertainties, and other risks and uncertainties may cause Moody's actual results to differ materially from the estimates, expressions, expectations and expected or implied results in the forward-looking statements, and may be affected by the new crown at present or in the future. The outbreak of the epidemic worsened. These contents are included in the first part 1A “risk factors” of the Form 10-K annual report for the year ended December 31, 2019, the Form 10-Q quarterly report for the quarter ended March 31, 2020, and the company’s trading in U.S. securities from time to time There are more detailed descriptions in the other documents submitted or in the materials contained thereby. Shareholders and investors are reminded that the occurrence of the above factors, risks and uncertainties may cause the company’s actual performance to differ materially from those estimated, expressed, predicted, expected or implied in forward-looking statements, which may then affect the company’s business. , Operational performance and financial status bring significant negative impact. New factors may appear from time to time, however, the company cannot predict them, nor can it assess the potential impact of any new factors on the company. There are more detailed descriptions in the 10-Q quarterly report and other documents submitted by the company to the American Stock Exchange from time to time or in the materials contained thereby. Shareholders and investors are reminded that the occurrence of the above factors, risks and uncertainties may cause the company’s actual performance to differ materially from those estimated, expressed, predicted, expected or implied in forward-looking statements, which may then affect the company’s business. , Operational performance and financial status bring significant negative impact. New factors may appear from time to time, however, the company cannot predict them, nor can it assess the potential impact of any new factors on the company. There are more detailed descriptions in the 10-Q quarterly report and other documents submitted by the company to the American Stock Exchange from time to time or in the materials contained thereby. Shareholders and investors are reminded that the occurrence of the above factors, risks and uncertainties may cause the company’s actual performance to differ materially from those estimated, expressed, predicted, expected or implied in forward-looking statements, which may then affect the company’s business. , Operational performance and financial status bring significant negative impact. New factors may appear from time to time, however, the company cannot predict them, nor can it assess the potential impact of any new factors on the company. There are more detailed descriptions in the 10-Q quarterly report and other documents submitted by the company to the American Stock Exchange from time to time or in the materials contained thereby. Shareholders and investors are reminded that the occurrence of the above factors, risks and uncertainties may cause the company’s actual performance to differ materially from those estimated, expressed, predicted, expected or implied in forward-looking statements, which may then affect the company’s business. , Operational performance and financial status bring significant negative impact. New factors may appear from time to time, however, the company cannot predict them, nor can it assess the potential impact of any new factors on the company. There are more detailed descriptions in the 10-Q quarterly report and other documents submitted by the company to the American Stock Exchange from time to time or in the materials contained thereby. Shareholders and investors are reminded that the occurrence of the above factors, risks and uncertainties may cause the company’s actual performance to differ materially from those estimated, expressed, predicted, expected or implied in forward-looking statements, which may then affect the company’s business. , Operational performance and financial status bring significant negative impact. New factors may appear from time to time, however, the company cannot predict them, nor can it assess the potential impact of any new factors on the company. There are more detailed descriptions in the 10-Q quarterly report and other documents submitted by the company to the American Stock Exchange from time to time or in the materials contained thereby. Shareholders and investors are reminded that the occurrence of the above factors, risks and uncertainties may cause the company’s actual performance to differ materially from those estimated, expressed, predicted, expected or implied in forward-looking statements, which may then affect the company’s business. , Operational performance and financial status bring significant negative impact. New factors may appear from time to time, however, the company cannot predict them, nor can it assess the potential impact of any new factors on the company. There are more detailed descriptions in the 10-Q quarterly report and other documents submitted by the company to the American Stock Exchange from time to time or in the materials contained thereby. Shareholders and investors are reminded that the occurrence of the above factors, risks and uncertainties may cause the company’s actual performance to differ materially from those estimated, expressed, predicted, expected or implied in forward-looking statements, which may then affect the company’s business. , Operational performance and financial status bring significant negative impact. New factors may appear from time to time, however, the company cannot predict them, nor can it assess the potential impact of any new factors on the company. There are more detailed descriptions in the 10-Q quarterly report and other documents submitted by the company to the American Stock Exchange from time to time or in the materials contained thereby. Shareholders and investors are reminded that the occurrence of the aforementioned factors, risks and uncertainties may cause the company’s actual performance to differ materially from those estimated, expressed, predicted, expected or implied in the forward-looking statements, which in turn may affect the company’s business. , Operational performance and financial status bring significant negative impact. New factors may appear from time to time, however, the company cannot predict them, nor can it assess the potential impact of any new factors on the company. There are more detailed descriptions in the 10-Q quarterly report and other documents submitted by the company to the American Stock Exchange from time to time or in the materials contained thereby. Shareholders and investors are reminded that the occurrence of the above factors, risks and uncertainties may cause the company’s actual performance to differ materially from those estimated, expressed, predicted, expected or implied in forward-looking statements, which may then affect the company’s business. , Operational performance and financial status bring significant negative impact. New factors may appear from time to time, however, the company cannot predict them, nor can it assess the potential impact of any new factors on the company.