Risk management and credit analysis Moody's Analytics has bought loan origination software company WebEquity Solutions, which has an Australian operation.
Moody’s announced on Monday it had acquired WebEquity, a cloud-based loan origination company based in Omaha, Nebraska. The price paid was not disclosed.
WebEquity earned revenue of US$15 million last year, is used by more than 750 banks and credit unions to originate and manage loans, and supports more than 20,000 lending professionals in the United States, Canada and Australia, said a Moody’s press release.
“With its market leading software-as-a-service offering for community banks, WebEquity expands Moody’s Analytics’ portfolio of risk management solutions. Using multiple technologies, Moody’s Analytics and WebEquity offer powerful tools that meet the needs of the entire spectrum of financial institutions, from community banks to the world’s largest lenders,” Moody’s Analytics president Mark Almeida said.
Moody's Analytics is a subsidiary of Moody's Corporation, which reported revenue of $3 billion in 2013 and has a presence in 31 countries, including Australia.