Moody’s Analytics is set to acquire WebEquity Solutions, a provider of cloud-based loan origination solutions for financial institutions.
The company did not share financial details.
The acquisition strengthens Moody’s Analytics’ position in the loan origination software market. The company will be able to expand its risk management products for banks, insurance companies and corporations.
Mark Almeida, president of Moody’s Analytics, said: “With its 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 tools that meet the needs of the entire spectrum of financial institutions, from community banks to the world’s largest lenders.”
More than 750 banks and credit unions use WebEquity’s hosted platform to originate and manage agriculture, commercial & industrial, commercial real-estate, small business, construction, and land development loans. The company’s products support the work of over 20,000 lending professionals in the U.S., Canada and Australia.
Based in Omaha, Nebraska, WebEquity has approximately 70 employees and produced revenue of nearly $15 million in 2013.