MINNEAPOLIS – Fair Isaac & Co., maker of the ubiquitous FICO score, said it has agreed to sell its insurance bill review operations and cut as many as 200 jobs in order to reduce costs.
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The company said it has agreed to sell its insurance bill review unit to Mitchell International Inc., and is shopping its government research, advertising and veterinary diagnostics businesses.
The divestitures are expected to trim as many as 220 more jobs and save the company about $65 million a year.
The company’s share price has plummeted almost 50% over the past year amid turbulence in its main financial services market.
