Richmond, B.C. - MacDonald, Dettwiler and Associates Ltd. (TSX: MDA), a provider of essential information solutions, announced today a significant strategic expansion in the Financial Services market. The Company has acquired privately held MindBox, LLC. MindBox® is a leading provider of advanced decisioning solutions to the U.S. mortgage lending community.
"This event advances MDA strategy in two key respects", stated Daniel E. Friedmann, President and CEO of MDA. "It significantly expands the Company's capability to deliver information solutions that include an advanced decisioning component, and it increases the Company's presence in the U.S. lender market."
The proprietary decisioning solution provided by MindBox® is implemented by a team of experts directly into the lender's workflow. This makes the loan pricing, product selection, approval and underwriting process faster, more consistent, and more economical. The MindBox® solution allow organizations to implement the practices of their best performing loan officer as their underwriting standard. In addition, the solution can match a lender's financial offerings against the borrower's profile and suggest to the loan officer alternative products that may potentially be of interest to a particular borrower, including deal repair and custom deal structuring. This allows the lender to maximize the level of business with each of their customers.
"We are delighted with this powerful addition to our Financial Services businesses in the U.S." stated James Thornton, General Manager of MDA's U.S. Financial Services. "Not only does it add a significant and promising dimension to our lending services business, it also provides the foundation to expand into similar offerings in our insurance services business."
Richard Barfus, CEO of MindBox® added: "We are looking forward to being part of the MDA family, as we see it as an environment in which we can better respond to the burgeoning demand of the lender community for better decisioning solutions. In addition, while we remain committed to the mortgage market, MDA also provides us with the opportunity to apply our decisioning capabilities to the US insurance sector, as well as potentially other national markets."
MindBox® will become part of MDA's Financial Services business in the U.S., and will continue its operations as a separate business unit under the leadership of Richard Barfus, President and CEO. In order to maximize synergies, MDA is proceeding concurrent with this transaction to bring all of its U.S. Financial Services business (i.e., Marshall & Swift/Boeckh (MSB), DataQuick and MindBox®) together under a single unified leadership team.
MDA provides advanced information solutions that capture and process vast amounts of data, produce essential information, and improve the decision making and operational performance of business and government organizations worldwide.
Focused on markets and customers with strong repeat business potential, MDA delivers a broad spectrum of earth and space based information solutions, ranging from complex operational systems, to tailored information services, to electronic information products.
MDA employs more than 2,500 people in locations across the United States, the United Kingdom, and Canada. The Company's common shares trade on the Toronto Stock Exchange under the symbol TSX:MDA.