FICO mulls opening new Latin America office in Spanish-speaking country

Monday, May 6, 2013

US predictive analytics and fraud protection solutions provider FICO (NYSE: FICO) is currently studying the possibility of opening a new office in Latin America, this time in a Spanish-speaking country, the company's VP for the region, Robert Duque-Ribeiro, told BNamericas.

To date the company's regional operations are based in São Paulo, but the executive says "we are still evaluating. Chile is an option, as well as Mexico. We can even extend our capabilities in Brazil, our largest market. It's under analysis, but I'd say our next move should be to a Spanish-speaking country."

According to the executive, interest in predictive big data analytics has been growing considerably in Latin America, as was evident at the company's latest Fico World conference.

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During the event, held last week in Miami, around 20% of attendees were from Latin America, a record level participation for the region. "I think that is pretty exciting, because it shows an evolution of the market that is pretty substantial," said Duque-Ribeiro.

In Latin America the three main verticals FICO is focused on are financial services, insurance and retail. "Those are the main core areas, which means those are companies we not only offer analytics and software to, but go further with and also do consultancy, training and related services."

Brazil and Mexico stands out as the company's main operations in the region due to the size of the markets, but Duque-Ribeiro highlights interesting business as also coming from Peru - mostly within financial institutions - and Colombia, which is "starting to take-off", he says.

However, the highest penetration of FICO's solutions is in Chile.

"It's curious, because we don't have offices in Chile, but if you look at the country's financial institutions there, the large majority work with us," says Duque-Ribeiro.

Present in the region since 1995, FICO has business in 24 countries in Latin America.