Fair, Isaac and Company Inc., San Rafael, CA, said yesterday that it completed its previously announced merger with HNC Software Inc.
The merger combines two technology companies with complementary products. Fair, Isaac offers analytic solutions while HNC offers software that supports mission-critical decisions and minimizes risk and fraud.
The announcement follows receipt of regulatory clearance for the merger plan Aug. 1 and approval by stockholders of Fair, Isaac and HNC on July 23. HNC shareholders will receive 0.519 of a newly issued share of Fair, Isaac common stock for every share of HNC common stock.
Along 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 members are Alex Hart, who has been an HNC director since October 1998 and is an independent consultant to the consumer financial services industry; and Thomas Farb, a general partner and chief financial officer for the Boston office of Summit Partners, one of the country's largest investment firms. Farb served on the HNC board and Audit Committee since 1987.