Moody's Analytics has agreed to acquire WebEquity Solutions, a provider of cloud-based loan origination and loan risk analysis solutions for financial institutions.
WebEquity's software-as-a-service offering for community banks expands Moody's portfolio of risk management solutions to meet "the needs of the entire spectrum of financial institutions, from community banks to the world's largest lenders," Mark Almeida, president of Moody's Analytics, said in a press release.
WebEquity, of Omaha, Neb., specializes in technology meant to help banks improve loan origination efficiency and risk management operations. Its hosted platform, which is used by more than 750 banks and credit unions supporting more than 20,000 lending professionals in the U.S., Canada and Australia, generated revenue of nearly $15 million in 2013, according to the release.
The acquisition is expected to close in the third quarter. It will be funded from cash on hand and reflected in Moody's 2016 earnings per share, the company said.
The price was not disclosed.